Please tell me I'm not the only one with this problem. I feel so dumb.
Every year I turn down applying to benefits for my family because my income that I calculate (reg. paycheck x number of pay periods) looks super high. But then I get my W-2 and it shows an annual income that is 10k-15k LESS than anticipated based on the calculation above. Here's the latest example with my 2023 income:
Regular biweekly paycheck: $2620 (gross)
Biweekly pay periods in 2023: 26
Total calculated income (pay x # of pay periods): $68,120
Income listed on W-2: $53,526
That's about a $14,600 difference, and I am struggling to figure out why. I really want to understand because, as mentioned in the first sentence, this is preventing me from applying to benefits that would really help my family. For example, LIHEAP for my state says that a 4-person household qualifies if they make under $4600 a month. With my biweekly paychecks of $2620, we're at $5240/mo. But if you divide $53,526 by 12 months, you get $4460. My paystubs also show a YTD Gross Income higher than the W-2 I'm provided.
So.... What is it? And how the heck am I supposed to figure out my "actual" income that will be on my W-2 if my paystubs show something different? Are there certain things counted on my paystubs that aren't actually part of my true gross income? I also want to apply to several other programs but I can't risk being wrong and having to pay back benefits.
Additional information that might be helpful:
I'm a government employee. Here's the rest of my W-2 info:
Box 2: $133
Box 3: $0
Box 4: $$0
Box 5: $62,969
Box 6: $913
Skipping 7 - 11 because they are all $0
Box 12a: Code L, $1558
Box 12b: Code C, $94
Box 12c: Code EE, $600
Box 12d: Code DD, $22,386
Any help/insights are greatly appreciated. And again, I don't think I'm the only one with this issue so hopefully this discussion helps others too.
Every year I turn down applying to benefits for my family because my income that I calculate (reg. paycheck x number of pay periods) looks super high. But then I get my W-2 and it shows an annual income that is 10k-15k LESS than anticipated based on the calculation above. Here's the latest example with my 2023 income:
Regular biweekly paycheck: $2620 (gross)
Biweekly pay periods in 2023: 26
Total calculated income (pay x # of pay periods): $68,120
Income listed on W-2: $53,526
That's about a $14,600 difference, and I am struggling to figure out why. I really want to understand because, as mentioned in the first sentence, this is preventing me from applying to benefits that would really help my family. For example, LIHEAP for my state says that a 4-person household qualifies if they make under $4600 a month. With my biweekly paychecks of $2620, we're at $5240/mo. But if you divide $53,526 by 12 months, you get $4460. My paystubs also show a YTD Gross Income higher than the W-2 I'm provided.
So.... What is it? And how the heck am I supposed to figure out my "actual" income that will be on my W-2 if my paystubs show something different? Are there certain things counted on my paystubs that aren't actually part of my true gross income? I also want to apply to several other programs but I can't risk being wrong and having to pay back benefits.
Additional information that might be helpful:
I'm a government employee. Here's the rest of my W-2 info:
Box 2: $133
Box 3: $0
Box 4: $$0
Box 5: $62,969
Box 6: $913
Skipping 7 - 11 because they are all $0
Box 12a: Code L, $1558
Box 12b: Code C, $94
Box 12c: Code EE, $600
Box 12d: Code DD, $22,386
Any help/insights are greatly appreciated. And again, I don't think I'm the only one with this issue so hopefully this discussion helps others too.