Are Wages (box 1), Social Security Wages (box 3), and Medicare Wages (box 5) generally the same number when completing a W2?
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Are Wages (box 1), Social Security Wages (box 3), and Medicare Wages (box 5) generally the same number when completing a W2?
In most of the cases, yes. If a employee has income more than $97,500, then the box 3 income is $97,000 and box 1 and 5 income will be more than $97,500.
There can also be adjustments for 401K contributions and Flexible Spending Account withholdings in the Box #1 figure.
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