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Deductions & credits
Please explain the benefit...If W2 and Social Security income are each reduced by 5000 but that 5000 is then reported in Box 10 of the W2, how does that reduce your income tax? All it does is to reduce your FICA costs since the Box 10 entry does NOT increase Social Security/Medicare expenditures.
‎February 27, 2023
7:35 PM