This is generally your wages minus all of your pre-tax benefits (except retirement/Def Compensation deduction) up to a maximum of $117,000. If you believe an amount is incorrect, please contact Payroll at 24.īox 1: This is your taxable wage amount which is made up of your YTD Earnings minus all of your pre-tax deductions.īox 2: This is how much federal income tax was withheld from your paychecks throughout the year and should match "Federal Withholding Tax" amount on your final 2014 paycheck.īox 3: This is your wages that are subject to Social Security tax. Question: Is there a simple explanation for what is in each box of my W-2?Īnswer: Here is a brief explanation of what is in each box. Question: Why doesn't Box 1 match Box 3 and Box 5?Īnswer: Box 3 and Box 5 include your tax-deferred retirement contributions, Box 1 does not. Question: Why doesn't the amount in Box 1 match the "YTD Earnings" listed on the bottom of my final 2014 paycheck?Īnswer: The amount in Box 1 represents Taxable Earnings which is your YTD Earnings minus tax-deferred retirement contributions as well as pre-tax benefits such as medical, dental, health care reimbursement, dependent care reimbursement, parking and vision insurance. Frequently Asked Questions Regarding W-2s
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