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Tax Question
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<blockquote data-quote="Kae3106" data-source="post: 1989166" data-attributes="member: 27557"><p>No, no, no, no, no!! I think you and I have this discussion every year but advising people to do their taxes based on their paystub is flat out wrong. Everyone's tax situation is different. <a href="http://blogs.hrblock.com/2014/01/16/tax-myth-using-a-paystub-to-file-instead-of-a-w-2/" target="_blank">http://blogs.hrblock.com/2014/01/16/tax-myth-using-a-paystub-to-file-instead-of-a-w-2/</a></p><p></p><p>Your paystub shows your gross earnings. This may or may not be the same as the taxable earnings in the W-2. On mine, my YTD total on my paystub will not match my Box 1 Federal taxable wages and there will a completely different number in Box 3 & 5 FICA and Medicare taxable wages. This is because I have certain pre-tax items such as insurance premiums, HSA contributions, 401k contributions, etc.</p><p></p><p>You and I may be tax savvy enough to know what items to back out of gross wages to arrive at the proper taxable totals but not everyone is. Places like H&R Block, Liberty, Jackson Hewitt, etc will not file your tax return until you have the W-2. They may run a calculation based on the paystub but they will not press the button to actually file without all of the official documentation.</p></blockquote><p></p>
[QUOTE="Kae3106, post: 1989166, member: 27557"] No, no, no, no, no!! I think you and I have this discussion every year but advising people to do their taxes based on their paystub is flat out wrong. Everyone's tax situation is different. [URL]http://blogs.hrblock.com/2014/01/16/tax-myth-using-a-paystub-to-file-instead-of-a-w-2/[/URL] Your paystub shows your gross earnings. This may or may not be the same as the taxable earnings in the W-2. On mine, my YTD total on my paystub will not match my Box 1 Federal taxable wages and there will a completely different number in Box 3 & 5 FICA and Medicare taxable wages. This is because I have certain pre-tax items such as insurance premiums, HSA contributions, 401k contributions, etc. You and I may be tax savvy enough to know what items to back out of gross wages to arrive at the proper taxable totals but not everyone is. Places like H&R Block, Liberty, Jackson Hewitt, etc will not file your tax return until you have the W-2. They may run a calculation based on the paystub but they will not press the button to actually file without all of the official documentation. [/QUOTE]
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