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ssume the following: Gross salary = $120,000 Employee contributions to 401-K = $12,000 Employer match to 401-K = $5,000 Flexible spending account savings = $2,000 Health insurance premiums paid by employee = $3,000 Health insurance paid directly by employer = $8,000 What is the W-2 taxable income?

Respuesta :

jepessoa

Answer:

$103,000

Explanation:

W-2 taxable income = gross salary - employee contributions to 401-K - flexible spending account savings - health insurance paid by employee

W-2 taxable income = $120,000 - $12,000 - $2,000 - $3,000 = $103,000

Form W-2 records all the employee's taxable income including wages, salary, tips, bonuses, and other taxable compensation. It also includes all the deductibles that employees can make including 401-K contributions, health premiums and flexible spending accounts.

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