I'm looking over my most recent pay stub trying to figure out what my tax liability will when I file next year. Here's the current breakdown:

YTD Figures

Gross Pay:            109,245
Federal Income Tax: 13,898.42
Social Security Tax: 6,433.29
Medicare Tax:        1,589.21
Dental:                597.64
Medical:             4,475.23

My taxable income is listed on each pay statement and it's my gross pay minus the dental and medical premiums.

My concern is that Box 1 on the 1040 is Wages. Taxable income is calculated later. I don't see anywhere to deduct my premiums.

So if my actual taxable income is 5000 less than my wages less how do I account for that and prevent owing money when I file?

  • Yes, it's the US. – user3063045 Dec 3 '16 at 15:53
  • What's taxable is your net pay -- the amount on your actual paycheck -- plus any taxable deductions if there were any. You should get a W2 form at the end of the year that gives you the actual totals to use for your tax return. – keshlam Dec 3 '16 at 17:26
  • is there a state income tax? Married? Children? – mhoran_psprep Dec 3 '16 at 20:25
  • Specifically box 1 on W2, which goes to line 7 on 1040, will have already subtracted your insurance premiums, cafeteria/FSA elections, and 401k contributions (except Roth), as applicable. IF you gave your (singular) employer an accurate W4 and you don't have significant other income (like investments), the withholding for income tax should be close to, and usually slightly over, your tax liability, although it's not a bad idea to check. – dave_thompson_085 Dec 4 '16 at 17:15

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.