You can always have your tax return from the paystub hence you don’t have to wait for the W2 form. Therefore, it means that you will not have to wait long for your W2 form so as to get your tax return since the information that you will have in your W2 is the same one you will get in your paystubs. To make your work easier and fast you will have to know how to calculate the W2 wages from the paystub. Below is the discussion on the ways of getting W2 from a paystub.
The first thing that you will have to do is to get the gross income. When we talk about the gross income we mean all the money that you have to earn without deducting anything. You have to make sure that you will not exclude any amount you have to include everything. If you do what is supposed to be done you will get the exact amount that you will have earned.
The other thing that you will have to do is to subtract the non-taxable wages from the gross income that you will have acquired. 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.
The third step is to get the taxable income by accounting for the other deductions. There are so many deductions that are there and you have to make sure that you include all the deductions so as to get the exact amount. It is very important to make sure that you first get the sum of the other deductions before you subtract them from the amount you have. The amount that you will have get as the taxable income in the paystub will be the same as that in the W2.
You will then have to get the annual taxes and then calculate the W2 earnings. There is always that amount of taxes that will be withheld from you annually. When you multiply the amount that is withheld every month by the number of times that you will have been paid you will get the amount that will have been withheld that year. To finally calculate the W2 you will have to subtract the amount withheld with the amount you got in step three.