How do I reconcile my last paycheck of the year to my Form W-2?

Certain deductions, such as health insurance and retirement, reduce individual taxable wages. If you do not have any pre-tax deductions on your paychecks, your Form W-2 wages should equal your annual gross wages. 

  1. This wage base table shows how wages for boxes 1, 3, 5, and 16 on your Form W-2 are calculated

        Actual Gross Wages (as shown on your final pay stub)

    + Non-wage compensation (e.g., awards, gift certificates, non-cash taxable fringes, etc.)

    = True Wage Base                                                                          

    -   Pre-tax Insurances (2020 going forward parking pre-tax; 2019 was not pre-tax)                                                   

    +  Imputed Income (from box 12 code C of your Form W-2)     

    = Social Security & Medicare Taxable Base (Boxes 3 & 5)

    -  Retirement                                                                                     

    = Federal & State Taxable Gross (Boxes 1 & 16)

    Example: Pay stub field references

    screenshot of pay stub detail showing with the gross wages field outlined in red

    screenshot of pay stub benefits, deductions and tax area with deductions before Federal tax outlined in red

  2. Read this FAQ for details on the four wage amounts listed on your Form W-2

NOTE:  This information should help most employees reconcile their Form W-2 to their final pay stub and does not contain all possible adjustments. If you find that after making these adjustments to your Gross Pay YTD per your final pay stub, the result does not match Box 1, 3, 5, or 16, contact the Payroll Department at PayrollDept@charlotte.edu or our main line at 704-687-1919.

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Article ID: 2356
Created
Fri 11/17/23 2:40 PM
Modified
Fri 12/15/23 2:33 PM