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| *The Commerce Journal>>>United States Taxes |
How do I estimate W-2 numbers using my last paystub? |
While waiting for my W-2 to arrive, I would like to enter estimates into my tax program so that I can gauge my tax liability. (Of course, I won't file until I've received the actual W-2 and adjusted my estimates). The reason I'm trying to estimate all 4 numbers (federal income, state income, social sec income, medicare income) is because the tax program won't let me continue to the next screen without that info. The socail secuirty and medicare tax will tell you how much the ss and medicare wages are. Take the ss tax and divide by 6.2% and divide the medicare wages by 1.45%. Assuming your paycheck is correct and they usually are in this regard then you will have the wages you need. It is your gross pay and your federal tax that was taken out. Good luck!! Just look at your gross amount (before any deductions) that will give you the first number you need.. you also need to figure out what is your deductions are.. yourself. yourself and spouse.. any other dependent children. Then look at the amount the Feds took out of your check.. just the income tax stuff.. not the Medicare, or any insurance etc. etc. All the information should be on your pay stub - FICA is social security and medicare combined. If this is why you are having a problem - go to the IRS web site and do a search for circular C - within this you can find the % you need to use for both social security and medicare. From your paycheck, subtract 401K money. |
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