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Definitions Income for US Tax Purpose: AIG, Gross Salary, W2 Wages, Total Income

Definitions of income - what is your Gross Salary, your Adjusted Gross Income (AGI)or your Total Income for Income Tax purposes. What are W-2 wages and how to get a W-2 form or the substitute Form 4852.

  • Gross Salary = the total amount your employer pays you.
  • W-2 Wages = your gross salary without contributions to pre-tax plans, tax-deferred retirement deductions, health plan, insurance payments, dependent care and medical expense 'reimbursements', parking fee deductions; plus taxable benefits like certain educational benefits or moving expenses.

    • The W-2 form is your wage and tax statement provided by your employer before the end of january.
    • If your employer refuses to give you the W-2 Form, call the Internal Revenue Service (IRS) at 1-800-829-1040, or fill out the substitute Form 4852, after reading carefully the manual with instructions.
    • A copy of the W-2 is sent by your employer to the IRS. Attach copy B to your Federal Income Tax Return Form. If your e-filling your tax return, keep this copy along with copy C with your tax documents for at least four years.
  • Total Income = the sum of all taxable income, including W-2 wages. 
  • Adjusted Gross Income (AGI) = total income before deductions used to calculate taxable income.

 

 

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