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Earned income calculation
Are items like long term disability and union dues included in earned income? Healthcare premiums?
By "earned income" I mean the "income" reported on a typical W2.
I am trying to figure out how my wife's paycheck's #'s work out; unfortunately it's not as broken down as mine is (listing gross income, less deductions, taxable income, taxes, net income). It just lists "deductions" giving a gross at the top, net at the bottom, but doesn't break-out pre-and post-tax deductions.
I am trying to estimate tax liability for FY2012 using current paystubs (YTD and current). Part of this is determining your earned income (e.g. gross less retirement contributions, FSA and......? ). The issue is that MY paycheck clearly outlines what is taxable and what is not (but I don't pay ANY of our benefits), but my wife's doesn't break it down like that. As I said I know 403b and CT pension deductions are pre-tax, as is FSA (obviously that's the point) but what about healthcare and etc?
I try to do the math with last year's last paystub and W2 but I can't get the numbers to line up.
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