It is evident that you don’t have to wait for the W2 so as to have your tax return hence you can always get it from your paystubs. One doesn’t have to worry that they will get different information it is evident that the same information that you will have in the W2 form is the same one that you will have in the paystub. One will be able to get the same information if they know how to calculate the paystub. The discussion below is on how to calculate W2 from a paystub.
The first step of calculating W2 from a paystub is to get the gross income. There is always that initial amount that you will earn without deducting any amount that is the gross income. To make the calculations right you have to make sure that you include all the earnings. When you do this it will show you exactly all the amount that you will have earned including all the extra earnings of which will be shown on your paystub.
The second step is to deduct all the non-taxable wages from the gross income above. In the first step we got the gross income and now we will have to deduct all the non-taxable wages from the gross income. There are those wages that do not include the income, federal or the state taxes and those are the non-taxable wages. Therefore, you have to make sure that you add all the non-taxable wages without leaving any of them out and then deduct the amount that you will have acquired from the gross income.
You have to get the taxable income by accounting for all the other deductions. You are guaranteed to get the correct amount if you do include all the other deductions that are there. You will get help from the paystub so as to get the sum of all the other deductions so that you now deduct from the amount that you got in step two. After the subtraction you will get the taxable income of which will always match the amount that should have been in the W2 form.
You will then have to get the annual taxes and then calculate the W2 earnings. It is evident that every year there is that amount of taxes that will be withheld. One will be able to get the amount that has been held that year when they multiply the amount held each month by the times they have been paid. To finally calculate the W2 you will have to subtract the amount withheld with the amount you got in step three.