Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
6 posts • Page 1 of 1
- Posts: 59
- Joined: Sun Nov 25, 2007 1:18 pm
No, medicare and SS are deducted from your "taxable" income. If you are looking at your W-2 the Fed Withholding box is the amount of tax you paid to the federal gov't over the year. That isn't necessarily the same as the amount of tax that you are obligated to pay (could be higher or lower).
- Posts: 264
- Joined: Thu Oct 23, 2008 7:47 pm
for fafsa purposes, the income tax question is referring solely to federal income tax paid (does not include state and city taxes, or any other taxes for that matter)...this can be found on your w2 or just on your end of year pay stub...i was confused about this myself until i filed my taxes last night and was able to use my 1040 as a reference
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