The wages in box 1 of your W2 reflect taxable wages only. This amount does not include tax deferred deductions (i.e. retirement, 403B annuities and 457 deferred compensation) or pre-tax deductions (ie. Medical insurance and parking). Box 1 also includes taxable reimbursements such as same day meal reimbursements, taxable moving expenses and taxable fringes that are not reflected in your payroll gross.