Question: Explain the $ 7 , 0 0 0 difference between wages reported in Box 1 and Box 5 . Box 5 excludesincludesexcludes the $ 7

Explain the $7,000 difference between wages reported in Box 1 and Box 5.
Box 5
excludesincludesexcludes
the $7,000 contribution to a qualified retirement plan. Because this amount can be
excludedincludedexcluded
from gross income, the same $7,000 is
includednot includedincluded
in Box 1.

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