- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
W2 shows less gross than last year
Posted on 2/17/17 at 6:42 pm
Posted on 2/17/17 at 6:42 pm
But got a raise...we figured something was wrong when we showed to owe more taxes than last year. We took steps (more withheld) to get closer to even. Has anyone had an incorrect W2? Wih the lower amount it shows less taxes withheld which has led to this...besides a call to hr, anyone see this before?
Posted on 2/17/17 at 6:46 pm to mpar98
Yes it happens. Calling them is all you can do. You can see what your YTD numbers are on your last 2016 paycheck to give an idea
Posted on 2/17/17 at 7:42 pm to mpar98
Did you maybe start contributing more to a 401k? Did insurance go up? It is possible to get a raise and have a lower amount show on your W2.
Next year I am pretty sure I will due to the addition of HSA contributions even though I got a raise.
Next year I am pretty sure I will due to the addition of HSA contributions even though I got a raise.
Posted on 2/17/17 at 8:10 pm to SLafourche07
We did increase the 401k contributions....but I dont know how the overall gross would be less
Posted on 2/17/17 at 9:04 pm to mpar98
401k contributions can lower your taxable gross income, which is what is in box 1.
Posted on 2/18/17 at 7:07 am to mpar98
Not sure of your situation but I get paid on the 1st and 16th of every month. Well, the way Jan 1st 2016 fell, that check was paid as the last check of 2015. So in 2015, I was paid 25 paychecks and in 2016 I was paid 23 pay checks. That's where my difference came from.
Posted on 2/18/17 at 8:48 am to mpar98
The amount in box 1 does not include stuff like your 401(k) contribution, health care reimbursement account contribs, and health insurance premiums.
We each made more in 2016 than 2015, but both our W-2 numbers were lower because of increased health premiums and increased contribs to 401(k).
So these factors could be affecting your W-2 figures for income and amount withheld.
We each made more in 2016 than 2015, but both our W-2 numbers were lower because of increased health premiums and increased contribs to 401(k).
So these factors could be affecting your W-2 figures for income and amount withheld.
Posted on 2/18/17 at 8:56 am to mpar98
Is your Box 3 and 5 less than last year? Those are the boxes you need to look at as it is your true gross income, at least Box 5 is.
Posted on 2/18/17 at 9:19 am to The Spleen
Yes 3 and 5 are less than last year...got a raise but increased amt to 401k...still not sure how that shows up as less.
Posted on 2/18/17 at 11:10 am to GCTigahs
quote:
Not sure of your situation but I get paid on the 1st and 16th of every month. Well, the way Jan 1st 2016 fell, that check was paid as the last check of 2015. So in 2015, I was paid 25 paychecks and in 2016 I was paid 23 pay checks. That's where my difference came from.
This is the answer. I got 27 paychecks in 2015 and 26 in 2016. Box 1 was lower in 16 even though I got a raise and kept 401k contributions the same.
Posted on 2/20/17 at 10:34 am to mpar98
quote:
Yes 3 and 5 are less than last year...got a raise but increased amt to 401k...still not sure how that shows up as less.
Compare your final paycheck from 2016 to 2015. Those will include your overall earnings, regardless of tax deduct-ability. Your tax forms will only show taxable wages, and are never a good indicator of money paid out to you (including insurance, 401k, etc)
Posted on 2/20/17 at 1:17 pm to mpar98
Did you do anything with 401k?
Posted on 2/20/17 at 3:08 pm to Scooba
Did your bi-weekly paychecks go up from last year? If you weren't getting paid more into your bank account after 401k, insurance, etc. were taken out than obviously your W-2 will not go up.
401k, insurance, etc. are all pre-tax withdraws. So they are taken out straight from your gross pay dollar for dollar, if your salary was $5000/ month and you put $1000 into 401k and health insurance than your W-2 taxable income was only $4000/ month.
The other answer is as said, that you may of been paid in 2015 more times than in 2016 due to dates.
401k, insurance, etc. are all pre-tax withdraws. So they are taken out straight from your gross pay dollar for dollar, if your salary was $5000/ month and you put $1000 into 401k and health insurance than your W-2 taxable income was only $4000/ month.
The other answer is as said, that you may of been paid in 2015 more times than in 2016 due to dates.
Popular
Back to top
Follow TigerDroppings for LSU Football News