2007-02-23 14:45:52 · 5 answers · asked by Just Plain Old Me 2 in Business & Finance ➔ Taxes ➔ United States
The amount that you are going to report for wages, tips or salary on the tax return is found in BOX 1 of your W2, that figure minus your deductions and exemption (if you qualify to claim your exemption) will give you the taxable income.
2007-02-23 14:54:56 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Your taxable income does not appear on your W-2. The W-2 is simply a statement from your employer showing your earnings (wages, salaries and tips) for that year.
After you collect all of your W-2s, you will subtract any adjustments, deductions and exeptions you may have, add any credits and the number that's left over on your 1040 is your taxable income.
***ADDITIONAL***
I see people don't care for my answer, but it is nevertheless correct. Taxable income is the income that your tax is based upon. Look at your 1040. The line where it tells you to use this figure to find your tax from the tax table in the instructions is your taxable income.
Technically, and wages, salaries and tips (box 1) could be called taxable income, but this figure is meaningless for the computation of taxes. Even if you are single with no dependants, a significant portion of this income will NOT be included in the amount from which your tax is eventually calculated.
2007-02-23 14:50:50 · answer #2 · answered by Anonymous · 1⤊ 2⤋
Line 1 - wages! This is used to calculate the taxable income (ALL income less deductions = taxable income)
2007-02-23 15:27:21 · answer #3 · answered by Dizney 5 · 0⤊ 1⤋
any money you had put in your bank account ,the rest of it consider it non taxable ... always deal in cash...dont worry about u2 its only a old band
2007-02-23 14:54:11 · answer #4 · answered by maimatt7 3 · 0⤊ 5⤋
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2007-02-23 22:45:06 · answer #5 · answered by Anonymous · 0⤊ 2⤋