How to translate paystub into anticipated W2s for tax planning?

[mousebandit]

This is definitely a newbie question, but how do I translate what I am seeing on my husband's paystub, into what I will see on his W2 at the end of the year? 

I'm trying to do my first ever tax-planning computations, and I've tried various ways of adding up the amounts on his final 2015 paycheck, but I can't make the correlations.  (It's not helping that the final paystub still had a few days added to it for purposes of w2, I can see that by the federal and state tax withholdings.)

Here's what I'm looking at on the Earnings side:
Regular wages
PTO
Holiday
Overtime
Fringe
Per Diem

I'm pretty sure all these are added together for earnings, but I'm not sure which deductions come out of this total to give the Box 1 on the W2.

On the Deductions side: 
Federal Withholding
Social Security EE
Medicare EE
OR Withholding
OR WBF assessment (I think this is unemployment contribution)
Dental EE
Vision EE
ADD (accidental death and dismemberment)
Life (insurance)
STD (short term disability)
LDT (long term disability)
Vol ADD (voluntary ADD??)
Holiday Pay contribution
PTO Contribution
OR Carpenter Training Tax (I think this is similar to a union fee, but we're not union)

Do ALL of these deductions come out "pre-tax" and get subtracted to come up with the Box 1 on the W2? 

We were very close last time to the $110k cut-off for child tax credit, and with 4 kids, that is a HUGE big deal. 

We are waiting to hear about getting him set up for 401k through the employer, and we will set up our own IRA in the next few weeks, so we will be contributing and bringing the earnings down, but I want to know how to keep an eye on these paystubs and use them to anticipate the total earnings for end of year.

Thank you guys!!  Sorry if this is so basic that it makes you roll your eyes, LOL! 

MouseBandit

[Classical_Liberal]

To get a general idea of tax burden based on YTD W2 info try this tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[mousebandit]

TY.  I'll try that.  :-)

[seattlecyclone]

Most of these deductions don't count against your W-2 wages. The big ones that will are health insurance premiums and 401(k) contributions. The tax withholding line items definitely do not.

[mousebandit]

Ty!  😀

[MDM]

Here's what I'm looking at on the Earnings side:
Regular wages
PTO
Holiday
Overtime
Fringe
Per Diem

I'm pretty sure all these are added together for earnings,

Yes to the first four (Regular wages, PTO, Holiday, Overtime). 

"Maybe" to fringe and per diem, although if forced to guess I would guess "no".  Fringe benefits are often things such as "employer's cost for medical insurance" that aren't taxable.  See https://www.irs.gov/pub/irs-regs/perdiemfaq&a.prn.pdf regarding per diem.

but I'm not sure which deductions come out of this total to give the Box 1 on the W2.  On the Deductions side: 
Federal Withholding
Social Security EE
Medicare EE
OR Withholding

None of the above.

OR WBF assessment (I think this is unemployment contribution)
Dental EE
Vision EE
ADD (accidental death and dismemberment)
Life (insurance)
STD (short term disability)
LDT (long term disability)
Vol ADD (voluntary ADD??)
Holiday Pay contribution
PTO Contribution
OR Carpenter Training Tax (I think this is similar to a union fee, but we're not union)

Do ALL of these deductions come out "pre-tax" and get subtracted to come up with the Box 1 on the W2?

These may vary.  E.g., when I worked at Megacorp life and disability insurance were after-tax payments, while health and dental were pre-tax.  Having him call his payroll department may be the quickest way to get the answer.

We were very close last time to the $110k cut-off for child tax credit, and with 4 kids, that is a HUGE big deal.

Yes, and good for you for looking ahead!

We are waiting to hear about getting him set up for 401k through the employer, and we will set up our own IRA in the next few weeks, so we will be contributing and bringing the earnings down, but I want to know how to keep an eye on these paystubs and use them to anticipate the total earnings for end of year.

Good plan!  See http://forum.mrmoneymustache.com/ask-a-mustachian/turbo-tax-vs-cpa/msg539186/#msg539186 for one way.

[mousebandit]

TY MDM!   I googled quite a bit last night, and finally emailed the payroll lady, LOL!  The "fringe" confuses me too.  Hubby does civil contstruction on jobs that are often government- or municipal-backed - liked bridges, dams, water treatment plants, etc.  So, there's frequently prevailing wage legalities, and something they call the "fringe" - required to pay the guys on these jobs (I think because we're not union, maybe?).  There used to be Davis-Bacon pension, that they were required to take out, but the small family-owned company got bought out at beginning of year by huge multi-national, and then huge multi-national got bought out April 1st by another huge-er multi-national.  So we're all trying to figure out what the differences are, if any.  So far, all I can tell is that we lost our daycare benefit ($5k available, paid directly to providers, and added to our taxable income on a different W2 box at EOY), and we don't have the IRA with match available anymore.  The 401k got switched around, and I thought it was totally gone, but now I am thinking it just got switched, but there is still one with the new company.  I'm waiting to hear from payroll on that question too.  :-) 

MouseBandit

[jmk]

To get a general idea of tax burden based on YTD W2 info try this tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

It doesn't allow 403b, only traditional Ira.