This is in error and I would contact the employer to question the information.
It's possible this is a corrected W-2 that they only changed the boxes from the original W-2.
The employer should have issued a total new W-2C (corrected) to totally replace the original but some employers only send the boxes that changed and expect you to update only those boxes. Again, check with your employer.
This is what should be in Box(s) 1-6
Box 1: Wages, tips, and other compensation — The taxable amount of compensation your employer paid you. This includes (but isn’t limited to):
Box 2: Federal income tax withheld — The total amount of federal income tax your employer withheld from your wages.
Box 3: Social security wages — The amount of earnings your employer paid you subject to social security tax. This doesn’t include tips. This amount might be more than the amount in Box 1 if some income subject to Social Security tax isn’t subject to income tax. Ex: Amounts you contribute to a tax-deferred retirement plan like a 401(k) or a 403(b) plan.
For 2019, the total of Form W-2, boxes 3 and 7 shouldn’t be more than $132,900, the maximum social security wage base.
Box 4: Social security tax withheld — The amount of social security tax withheld on your wages. For 2019, this amount can’t be more than $8,239.80. This amount should equal 6.2% of the amount in box 3 and 7 combined.
If you worked for more than one employer, the total withheld might be more than the limit. If so, the excess is treated as a tax payment. This payment will increase your refund or decrease your balance due.
Box 5: Medicare wages and tips — The total amount of earnings your employer paid you subject to Medicare tax. There’s no limit on the amount of wages that might be subject to Medicare tax.
Box 6: Medicare tax withheld — The amount of Medicare tax withheld on your wages. This amount should equal 1.45% of the amount in box 5.
This W-2 would be reasonable if you deferred all of your income to a tax-deferred retirement account with those contributions shown in box 12. Check to see if any amounts listed in box 12 equal the amount shown in box 5.