Yes, in a manner of speaking. The easiest way to report the officers' compensation is to take the highest number that you see in boxes 1, 3, and 5 (generally box 5). This amount includes the wages, the social security wages, tips, all of the withholdings, and all of the 401K and health insurance premium deductions. This way, you only have to report the Social Security and Medicare taxes that were paid by the company as well as matching amounts.
In other words, rather than adding boxes 3 and 7, you may choose to use box 5 instead, which has all of the wage information.
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