@aneunaugen wrote:
Ok thank you! I haven’t gotten my w2s yet and was attempting to get a head start with paystub info. I’ll wait and see what the actual w2 says. Thanks again
Social security is 6.2% and Medicare is 1.45%. Some employers combine these into a single line at 7.65%, which is one of the reasons that it is hard to guess what your W-2 will be from your pay stub.
Also, sometimes your W-2 taxable box 1 income can be different from your box 3 income subject to social security. For example, if you participate in a pre-tax retirement plan like a 401(k), that money is not subject to income tax but is subject to social security tax. Other deductions, like medical insurance premiums, are subtracted from both your box 1 wages and your box 3 social security income. Unless you really understand the laws and your pay stub, it's hard to anticipate your W-2 accurately.
After you get your W-2, and compare it with your pay stub, we can help you understand the differences, or you can ask your employer to explain.
Lastly, if your SS withholding is $2300, that would mean your SS income is about $37,100. If your gross pay is $39,300, then you probably have $2,200 of pre-tax payroll deductions like medical insurance, medical FSA, dependent care FSA, or something else.
