Understanding the difference between the year-end payslip and the W-2 can be confusing if you are not familiar with payroll and taxes. To help, you may want to review the training guides on How to Read your Payslip and How to Read your W-2.
W-2 Box 1: Wages, tips, other compensation
W-2 Box 2: Fed. Income tax withheld
W-2 Box 3: Social security wages
W-2 Box 4: Soc sec. tax withheld
W-2 Box 5: Medicare
W-2 Box 6: Medicare tax withheld
W-2 Box 16 State wages, tips
Boxes 12a through 12d will list various items, such as your pre-tax contributions to Yale’s 403(b), nontaxable sick pay or other excludable pay. Below are the most common codes used by Yale.
One box within this section will be checked if it applies to you: statutory employee, retirement plan or third-party sick pay. For Yale employees, the retirement box is checked if you are eligible for any University paid retirement plan or you have participated in a salary reduction arrangement under 403(b) or 457. If the retirement plan box is checked, it signifies limits on the amount of IRA contributions you may deduct.