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01-02-2008, 09:33 AM | #1 |
Donating YT 1000 Club Member Join Date: Jun 2007 Location: Georgia
Posts: 2,563
| Stupid tax question When you are filling out a tax form and it asks for your wages do you put in your total gross income? Or do you put in where it says FIT taxable wages? I'm just curious because I noticed on Mike's year to date summary it has both listed so I was just wondering which one we use when filing taxes.
__________________ Aerrica, and Norman RIP my sweet Poopanut |
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01-02-2008, 09:37 AM | #2 |
Senior Yorkie Talker Join Date: Apr 2005 Location: Linwood, KS
Posts: 249
| You need to wait until you have his W-2 and then use the income listed in box 1. I'm assuming you're talking about filing a 1040. If not then I need more info to answer this question. Do not try to prepare you tax return without your w-2's they have lots of information that isn't on your final check stub. |
01-02-2008, 09:43 AM | #3 |
Donating YT 1000 Club Member Join Date: Jun 2007 Location: Georgia
Posts: 2,563
| No no no I am not filing anything! LOL! I am a total ditz when it comes to that stuff. I just noticed it said total gross income and had one amount listed, then in another place it said FIT taxable income and had a different amount listed. I was just curious about which they used and what the difference was, that's all.
__________________ Aerrica, and Norman RIP my sweet Poopanut |
01-02-2008, 10:19 AM | #4 |
Donating YT 3000 Club Member Join Date: Jul 2006 Location: So. California
Posts: 4,057
| The difference is that the FIT is Federal Taxable Income. I am retired and part of my retirement income is taxable and the part that comes from my savings is not because it was a personal injury settlement that is not allowed to be taxed. But it is still part of my gross income. While I was still working.. my gross income included ALL of the incomer I earned. But my FIT income was less because part of my paycheck went directly into a 401k account BEFORE it was taxed and is not taxable until it is withdrawn from the account. That is the portion of my retirement that is now taxed.
__________________ Sonya, Owned by Ladybug, Tilly, Sunshine, Beamer, Rainbow, Sonny and Righteous RIP Sunnie (11/12/2003-7/31/2009) |
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