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Dave CPA
Dave CPA, Accountant
Category: Tax
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Experience:  Vast knowledge within the accounting/tax industry
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Im helping out in our payroll dept, the payroll mgr is on Loa.

Customer Question

Im helping out in our payroll dept, the payroll mgr is on Loa. employee said his w2 is incorrect from a previous year. how do I calculate it?
Submitted: 5 years ago.
Category: Tax
Expert:  Dave CPA replied 5 years ago.

Welcome to Just Answer,

I assume that this is for 2011 and if so the rates are as follows.

Total wages less insurance, 401K, other misc = taxable wages (TW).

For Illinois you just multiply TW by 5%
For FICA you just take TW add back 401K and multiply by 5.65%
For Federal you have to look at the following link and find the right category on page 25.

The following link is a quick excel sheet to help illustrate.

Please let me know if you have any questions. I strive for a positive rating and will follow up on any of your concerns. Regards Dave