I’m just a bloke trying to understand how much I actually got paid
The 2 numbers are never the same, so….how much did I really make last year?
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Wages is federal taxable income, while SS wages is what’s taxable for SS purposes.
The key difference being that Federal Taxable income doesn’t include things like 401s, but social security (and medicare) taxes do.
Paying into a 401k reduces the federal tax owed, but not the social security or medicare tax owed.
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