|
#1
| |||
| |||
| On Apr 9, 12:22*pm, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.netwrote: - quote - > "D Chadha" <dcha...[at]gmail.com> wrote > > I worked in 2 states - NJ and IL for the same employer. Following are > > two entries in my W2: > > 1. Under #1 (Wages, tips, other compensation) its 50K > > 2. Under #16 (State wages, tips etc) its 41K for NJ and 10K for IL. > > PS: I have rounded off figures for simplification. > > My question is the combined income of IL and NJ is 51K. But in #1 of > > W2 its 50K. Is it normal or some error in W2 ? > Probably normal. *One of those two (or both) states does not allow for the > "pre-tax" payment for health, pension, etc type of expenses that the feds > do. *Does that amount ring up against any single (or multiple) of pre-tax > items from your pay? > -- > Paul A. Thomas, CPA > Athens, Georgia Or, if you worked in one of those states while living in the other, both states would tax the same income -- in which case the state boxes would add up to more than Box 1. However, the difference may arise from the fact that NJ taxes employee contributions to retirement plans (other than 401(k) plans) that are not subject to federal tax, so the NJ wages may be higher than federal wages for the same period. Katie in San Diego -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| | |||
| |||
| "D Chadha" <dchadha[at]gmail.com> wrote - quote - > I worked in 2 states - NJ and IL for the same employer. Following are > two entries in my W2: > 1. Under #1 (Wages, tips, other compensation) its 50K > 2. Under #16 (State wages, tips etc) its 41K for NJ and 10K for IL. > PS: I have rounded off figures for simplification. > My question is the combined income of IL and NJ is 51K. But in #1 of > W2 its 50K. Is it normal or some error in W2 ? Probably normal. One of those two (or both) states does not allow for the "pre-tax" payment for health, pension, etc type of expenses that the feds do. Does that amount ring up against any single (or multiple) of pre-tax items from your pay? -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#-1
| |||
| |||
| Hi, I worked in 2 states - NJ and IL for the same employer. Following are two entries in my W2: 1. Under #1 (Wages, tips, other compensation) its 50K 2. Under #16 (State wages, tips etc) its 41K for NJ and 10K for IL. PS: I have rounded off figures for simplification. My question is the combined income of IL and NJ is 51K. But in #1 of W2 its 50K. Is it normal or some error in W2 ? Thanks dchadha -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| federal, gross, income, states, sum |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Percentage savings of gross or net income? emailforian@gmail.com: We often hear percentages of income given as a guideline for retiremement savings. For example, I have heard that you should save a minimum of 10... | Financial Planning | 30 | 08-07-2006 03:56 PM | |
| Gross Nonfarm Income 15c Mark Jaggers: I am currently doing for 1065 for my partnership I belong to. I am curious about line 15c on the 1065 and on the Schedule K1. I am using TaxCut and... | Taxes | 1 | 04-12-2004 09:16 AM | |
| Thread Tools | |
| Display Modes | |
| |