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W2 Estimation … unsure how to categorize things
Hello everybody,
I am making an attempt to estimate what my W2 would possibly seem like based mostly on my pay stub so I can work out my AGI/MAGI and perceive the place I stand relating to tax limits and brackets. I get 26 paychecks a yr, and I am a bit confused about which gadgets on my pay stub have an effect on my W2 Field 1. Might you assist me perceive this higher? Additionally I am assuming that Field 1 is what I take advantage of to estimate my AGI/MAGI
This is what I’ve on my pay stub:
Earnings:
- Common Earnings
- Group Time period Life Insurance coverage (Imputed Earnings). I do not know the way/if this will get counted
Deductions:
- Aetna HD Care PPO is that this pre-or-post tax … I do not know really
- CO PFL (S) Colorado FAMLI go away – I dont know what / the way to depend this
- DCAP Pre-Tax Dependent care – pre-tax
- Dental Insurance coverage is that this pre-or-post tax … I do not know really
- Dependent Life Dependent Life Insurance coverage
- Federal Withholding
- HSA Pre-tax HSA
- Lengthy Time period Incapacity Submit-tax incapacity insurance coverage
- Medicare
- OASDI
- Retirement – Primary A1 (Below SSWB) pre-tax
- Retirement Plan Matched A2 (Below SSWB) pre-tax
- Retirement Plan Matched Roth A2 (Below SSWB) pre-tax
- Retirement Plan Unmatched A4 (Below SSWB) pre-tax
- Retirement Plan Unmatched Roth A4 (Below SSWB) post-tax I might assume since its a roth
- State Tax
- Supplemental AD&D Insurance coverage
- Supplemental Life Insurance coverage
- Imaginative and prescient Plan is that this pre-or-post tax … I do not know really
My understanding is that Field 1 of my W2 is my Common Earnings minus a number of the deductions, however I am unsure which of them.
For instance do I get to deduct medical/imaginative and prescient/dental premiums? (I am not sure on that)
I used to be additionally on the lookout for some worksheets/software program on the market and did not discover something overly helpful. Thanks os a lot for any help.
Re: W2 Estimation … unsure how to categorize things
Your HSA, together with the medical/imaginative and prescient/dental premiums are very probably paid by a Sec 125 “cafeteria plan”. In that case they will not be included in field 1 or packing containers 3 and 5 (so no SS or Medicare).
Therapy of the Group Life would possibly range, we might want extra information. Is the profit over $50k?
And I am unsure about Colorado’s Household Depart premiums.
Re: W2 Estimation … unsure how to categorize things
One other different, which might be a bit much less exact could be to learn the IRS directions for W2 – these are the directions that payroll issuers are offered for submitting W2s with the IRS.
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