I have no 401K or pension plan through my job, although I do have a salary redirection agreement through AFLAC whereby my insurance premiums are deducted pre-tax, I believe. I'm just afraid that the W2 is wrong and I'm going to have problems down the road from the IRS. I've asked my employer about this and they did not know (We're a small company and I believe an outside firm does the W2 for them).
2007-01-27 09:14:47 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
This appears to be a mistake. They should match. You will need to call the company that does the payroll for your firm.
2007-01-27 09:19:13 · answer #1 · answered by Allan 6 · 1⤊ 2⤋
Since your AFLAC premiums were deducted pre-tax, the amount in box 1 of your Form W2 will not match the total pay on your last pay stub of the year. If your pay stub lists your total salary reductions for the AFLAC premiums for the year, the gross pay less the salary reductions should match the amount in box 1 on your W2.
The amounts in boxes 3 and 5 (Social Security and Medicare wages) should match the amount on your last pay stub for the year.
2007-01-27 17:29:18 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
They reduced your Taxable income by subtracting your pre tax deductions, you are good to go to file your taxes based on your W2. You got a tax break on the AFLAC premiums by having in taken out on a pre tax basis. Your Social Security Income should match what is reported on your last pay stub.
2007-01-27 17:21:27 · answer #3 · answered by Rob 7 · 1⤊ 0⤋
Your last pay stub should show the total amount of federal income tax, Social Security tax and Medicare tax that was withheld. If all of those match the amounts on your W-2, all is probably OK. If not, something is seriously wrong and you need to inform your employer. If you cannot get assistance there, call the IRS yourself. Go to irs.gov and click on individuals, then click on "contact your local office."
2007-01-27 17:41:20 · answer #4 · answered by Jeffrey W 4 · 0⤊ 0⤋
1st check out the amount on your w-2, see if the difference is exactly what your insurance cost. If not, have your employer check with the company that does the payroll program for them. If it's wrong they need to fix it before you file. There should be a line on your paystub that shows the amount for your insurance cost. Good luck!
2007-01-27 17:41:30 · answer #5 · answered by happy_southernlady 6 · 0⤊ 0⤋
how much was your AFLAC payments.
you would recieved your W-2 with the amount of your gross pay minus the deductions so if you work 2080 hours at $10.00 you made 20800.00 but 2000.00 was insurance your W-2 would show 18800.00. unless the 2000.00 is on your w-2 under cafiteria plan which I don't think it is by the way you are asking
2007-01-27 20:04:40 · answer #6 · answered by G L 4 · 0⤊ 0⤋
Actually, that's a good thing. W-2's list taxable income. It's likely that some of your income was exempt from tax. What's important is the correct reporting of tax withheld.
2007-01-27 17:19:56 · answer #7 · answered by Anonymous · 0⤊ 0⤋