Here is the method which the computer is supposed to follow in subtracting amounts from your "Gross Pay" shown on your last pay stub for the year, to arrive at the "Box 1" amount of Taxable Income for "Wages, Tips, and Other Compensation."
Last year, the Metro computer did not get the exact number that the directions below will provide. But it was close.
Step 1 Start with the Gross Pay-YTD from the last paycheck of the year.
Step 2 Subtract TCRS1 Retirement contribution.
Step 3 Subtract Medical Insurance [an automatic FSA]
Step 4 Subtract voluntary FSA2 amount. This will show as "FSAMED" or "FSACC" each with a suffix.
Step 5 Subtract expense account3 items. See the YTD column on the Earnings side for the amounts.
Step 6 Any annuity should be subtracted. You will see it mentioned in the Box 12 of the W-2.
The remaining difference between the gross and these subtractions will be within $7 of the actual "Box 1" amount.
1Tennessee Consolidated Retirement System. A very small number of teachers show TCRS w/o SS. This step will not apply to them.
2Flexible Spending Account
3These apply to anything for which you submit receipts. Typically they would be travel expenses, BEP, and CTE amounts. These will not be part of the educators' $250 deduction allowance since they were reimbursed.