For "Salaries and Wages" in TurboTax Business, do I enter gross or net amount?
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1 Best answer
MinhT
Expert Alumni
Jun 5, 2019 11:54:05 PM
You report the gross amount.
5 Replies
MinhT
Expert Alumni
Jun 5, 2019 11:54:05 PM
You report the gross amount.
emo23
Level 2
Jun 5, 2019 11:54:07 PM
Thanks. In this case, does the gross include the amount that the employee deducted for 401k contribution? (Note that I'm not talking about the amount that the company is matching, if any)
MinhT
Expert Alumni
Jun 5, 2019 11:54:08 PM
Yes, the gross amounts must include employee salary deferrals to the 401(k). They should the sum of the amounts reported on box 5 of your employees' W-2s. If you have any further question, please add a comment. Hope this helps.
emo23
Level 2
Jun 5, 2019 11:54:09 PM
Ok, I'm not sure what you mean by summing the amounts in box 5(medicare?). So just to make sure I'm reading this correctly, I'll give an example. If salary is 60k and employee contributed 7k to 401k, I should still enter 60k?