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:
Gross Pay: 109,245 Federal Income Tax: 13,898.42 Social Security Tax: 6,433.29 Medicare Tax: 1,589.21 Other -------------- 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?