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Thread: Does Social Security statement include nontaxable income?

  1. #1
    Junior Member
    Join Date
    Apr 2011
    Jersey Shore

    Does Social Security statement include nontaxable income?

    Working on YMOYL Step 1 ...

    Over the years I have had money taken out of my paycheck pre-tax to contribute to my 401(k) plan, pay health insurance premiums, and contribute to flex spending for medical, childcare and transportation. Since this is nontaxable income, is it included in my earnings on my social security statement?
    ~ Teri

  2. #2
    Senior Member
    Join Date
    Jan 2011
    not sure ... but I just emailed my son who is pretty good at this stuff ... he's both working in and studying accounting.

  3. #3
    Join Date
    Dec 2010
    401(k) income is only incone tax deductible. It is still counted for calculating social security and medicare taxes.

    Health insurance is a full pre-tax deductable and is not used for calculating income, social security and medicare taxes.

    I don't personally know how health savings accounts is taxed for social security and medicare.

    The easy way to figure it out is to grab your latest paycheck and see how your medicare tax divided by the medicare tax rate (which I don't know off hand) compares to your gross pay minus various deductions.

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