There are those people that will have to wait for the W2 form so as to get the tax return when there is another way of getting it without waiting for the W2 form. Therefore, it means that you will not have to wait long for your W2 form so as to get your tax return since the information that you will have in your W2 is the same one you will get in your paystubs. One will be able to get the same information if they know how to calculate the paystub. Here are the steps of calculating W2 from a paystub.
Firstly you will have to acquire the gross income of which this is the first thing that you will have to do when getting W2 from a paystub. When we talk about the gross income we mean all the money that you have to earn without deducting anything. It is true that when you exclude some amount or deduct anything that you are not supposed to deduct you will not get the gross income. When you do this it will show you exactly all the amount that you will have earned including all the extra earnings of which will be shown on your paystub.
The other thing that you will have to do is to subtract the non-taxable wages from the gross income that you will have acquired. Since we will have to get the gross income, you will now have to deduct all the non-taxable wages from that amount. When we talk of the non-taxable wages we refer to all those wages that do not have income, federal or the state taxes. If you get the correct numbers when you add all the non-taxable you are assured that your calculations will be right.
The third step is to get the taxable income by accounting for the other deductions. To get the exact amount you will have to include all other deductions. It is very important to make sure that you first get the sum of the other deductions before you subtract them from the amount you have. After the subtraction you will get the taxable income of which will always match the amount that should have been in the W2 form.
The other step is to get the annual taxes and finally calculate the W2 earnings. There is always that amount of taxes that will be withheld from you annually. When you multiply the amount that is withheld every month by the number of times that you will have been paid you will get the amount that will have been withheld that year. When you subtract the amount that has been withed from the amount you got in step three you will get the W2 earnings.