Your W2, which is sent to you every year (by the end of January), reports all income paid to you to the IRS and State Tax Agencies. All W2s are also available on the Paylocity website. The W2 is broken down into many boxes that categorize your employer reported income for tax purposes. It can be a little complicated to read as it includes all earnings, deductions, and reimbursements all of which may have taxes calculated differently. For a complete description of all the tax boxes please refer to the Paylocity W2 Box Description document.
Why is my 2024 Gross Amount on my final check different than the Gross Amount on my W2 Form?
Great question. It’s due to the taxability of your income. The W2 has many boxes that are populated with information an employer must provide the IRS, showing how gross earnings are allocated. The primary box (Box 1) is the one that usually confuses employees because it DOES NOT reflect the Gross Earnings you will see on the final paycheck of the year. This is because the IRS is only interested in taxable income, so it will exclude many things including certain pre tax employee benefits.