Need Box 14, S125 help
I see in box 14 S125 $5000, I understand that this is the health insurance preimiums I have paid (I do not have a flexible spending account). I am concerned that the difference between Box 1 (Wages) and Box 3 (Soc. Sec Wages) of my W2, is only the amount of money I contributed to 401K. I thought health insurance was pre-tax...shouldn't Box 1 show the amount of box 3 minus 401K contributions and minus health insurance?
Box 14 is an informational box.
As for the difference between boxes 1 & 3 - that should reflect the amount that put in the tax deferred program (401k, etc.) The difference should be in box 12.
Pull out your last paycheck of the year. If you do the math, you should find that if you take total gross pay and subtract the section 125 items, that should be the amount in box 3.