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fjtaidajf2
Feb 5, 2009, 11:46 AM
box #5 medicare wages is higher than
box#1 wages,tips,other compensation
on my w-2 form.
Is #5 always higher or sometimes equal to #1?
why higher? what is the difference?
why equal?

which amount do I report on line 7
wages,salaries,tips of 1040 form?

thank you!
ebaines
Feb 5, 2009, 11:56 AM
You report Box 1 as your wages.

There are many reasons why Box 5 may be greater than Box 1. A couple of comon ones: if you had deductions for a 401(k) or 403(b) plan those deductions reduce your federal income but not your SS/medicare income; if your employer provided life insurance above$50K, or other non-wage "perks" they may be included in SS/medicare wages but not federal wages.