what qualifies as income tax on the fafsa?

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SpAcEmAn SpLiFF
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what qualifies as income tax on the fafsa?

Postby SpAcEmAn SpLiFF » Wed Jan 21, 2009 11:27 pm

does social security and medicare count?

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doomswitched
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Re: what qualifies as income tax on the fafsa?

Postby doomswitched » Thu Jan 22, 2009 3:16 am

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).

jrock12
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Re: what qualifies as income tax on the fafsa?

Postby jrock12 » Thu Jan 22, 2009 8:24 am

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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SpAcEmAn SpLiFF
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Re: what qualifies as income tax on the fafsa?

Postby SpAcEmAn SpLiFF » Thu Jan 22, 2009 10:17 am

wow not even my state and city tax? ridonkulous :shock:

huckabees
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Re: what qualifies as income tax on the fafsa?

Postby huckabees » Thu Jan 22, 2009 2:04 pm

It's really just federal tax?

jrock12
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Re: what qualifies as income tax on the fafsa?

Postby jrock12 » Thu Jan 22, 2009 2:11 pm

Yes. The question refers you to a specific line on your 1040 (or 1040EZ or 1040A). Once you file your taxes and amend your FAFSA you will see this.




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