W-2 Tax Statements report Gross Taxable Income, which can vary from an employee’s budgeted annual salary amounts due to several factors.
Here are some FAQs in regard to W-2s and information those provide.
Frequently Asked Questions
What period of time does my W-2 cover?
W-2s are for a calendar year, January to December.
Why do my 2024 W-2 gross wages not match my budgeted annual salary?
Pre-tax deductions reduce the taxable gross wages on a W-2. Common pre-tax deductions include health insurance premiums, retirement contributions, parking deductions, and flexible spending account deductions. Taxable gross wages will be lower than your budgeted annual salary.
Why does my 2024 W-2 show I earned less gross wages than my 2023 W-2?
The most common reasons may include the employee worked less overtime, the employee had an increase in pre-tax deductions or the employee had a FTE change.
How can I verify my 2024 W-2 is correct?
W-2 information can be verified by viewing the taxable gross amounts on your final December 2024 paycheck in Firefly. W-2, Box 1. Wages tips and other compensation will match Fed & State Taxable Earnings on your final 2024 paycheck. To view your final 2024 paycheck in Firefly follow these steps:
- Select the “Employee Self Service” tile under Self Service
- Select “Paycheck Inquiry” tile
- Select your final paycheck paid in 2024
- Fed & State Taxable Earnings box is located in the bottom right corner of the paycheck. This amount will match Box 1 of your W-2.
Please contact us if you have any additional questions at payroll@unl.edu.