How can I get Tax Report Summary to show W-2 Wages?

soumoulou

With the paycheck Wizzard, I recorded my gross monthly salary, all pre-tax deductions (Flex, Retirement, Medical insurance) and, then, tax withholdings (Fica, Fed & State tax withholdings). The Tax Report Summary displays, beautifully, the monthly total deductions and withholdongs and the totals for 2023. But, it does NOT show my actual wages (my W-2 take home pay). What have I done wrong? Thanks in advance...

Boatnmaniac

Take home pay, also referred to as net pay (the before taxes and deductions pay) is not something that is reported to the IRS in tax returns.

The Tax Schedule report and Tax Summary report (and the other Tax reports) only include data that will feed into the IRS tax returns. So these reports will show the gross pay (the before taxes and deductions pay) is included in these Tax reports and you should be seeing that. Are you not seeing the gross pay in these reports?

We cannot get net pay added to the Tax reports because net pay is not tax-reportable data and the IRS is not concerned with that.

Boatnmaniac

Take home pay, also referred to as net pay (the before taxes and deductions pay) is not something that is reported to the IRS in tax returns.

The Tax Schedule report and Tax Summary report (and the other Tax reports) only include data that will feed into the IRS tax returns. So these reports will show the gross pay (the before taxes and deductions pay) is included in these Tax reports and you should be seeing that. Are you not seeing the gross pay in these reports?

We cannot get net pay added to the Tax reports because net pay is not tax-reportable data and the IRS is not concerned with that.

volvogirl

Your take home pay is just the deposit. Your "Actual Wages" is the gross wages. To match to you W2 and tax return it should be Gross Wages - pretax deductions. But I never could match up my husband's paychecks to the W2. Some items can be pretax or not. Like health ins and union dues.

soumoulou

All makes sense! Thank you both!

Chris_QPW

I did try my wife's quite simple use case where her only pre-tax deduction is her 401k. And I was able to customize the tax summary report to include just her salary the gross amount and then the underscore 401k spouse category and that did some to what would be on the W-2.

I suspect if you pick the right pre-tax categories you could get it to total correctly. But it might even give this information on your paycheck. And if not is the same to just calculate from what is on the paycheck.