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What are line 3 SOCIAL SECURITY WAGES & line 5 MEDICARE WAGES?
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June 4, 2019
12:26 PM
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June 4, 2019
12:26 PM
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Line 3 is the amount of your income that is subject to Social Security tax. Line 5 is the amount of your income that is subject to Medicare tax. In many cases, lines 3 and 5 are the same as line 1 (your gross income). They may be different if you have certain payroll deductions.
June 4, 2019
12:26 PM
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Those are the amounts of your wages on which social security and medicare are collected. Just like Box 1 shows the amount of your wages on which Federal income tax is collected.Box 3 and 5 may or may not be equal to box 1 if, for example, your have medical insurance deducted from your line 1 amount, or have contributions to a retirement plan like a 401k deducted.
June 4, 2019
12:26 PM