Read the form please for your answer ... just enter the W-2 form as issued into the program ...
Are you entering a W-2 that you received from an employer that you worked for, or are you creating a W-2 to issue to an employee who worked for you?
If you are entering a W-2 that you received from an employer, what you should enter in box 5 is whatever is in box 5 of the W-2 that you got from your employer. If you do not have the actual W-2, contact the employer and get a new copy of it. You cannot make it up or fill it out yourself, or guess at what the amounts should be.
@underkofler725 Here is a link explaining the purpose of the various boxes on a W-2:
https://turbotax.intuit.com/tax-tips/irs-tax-forms/what-is-a-w-2-form/L6VJbqWl5
If you are issuing a W-2 for an employee, you need to review the IRS instructions for the W-2 and the employers guid for fringe benefits.
https://www.irs.gov/forms-pubs/about-publication-15
https://www.irs.gov/forms-pubs/about-form-w-2
If you are trying to understand your own W-2, here are some basic facts.
Box 1 is taxable income from wages.
Box 3 is earned income subject to social security tax (FICA). Some kinds of income are earned but not taxable, like 401k deferrals. If you earned $100,000 but put $5000 into a 401k, your box 1 would be $95,000 and your box 3 would be $100,000. The maximum earnings subject to FICA is $162,000 for 2023, so box 3 should never be more than that.
Box 5 is earned income subject to Medicare tax. It is similar to box 3, except there is no upper limit. In addition, if you earn more than $200,000, you are subject to what's called additional medicare tax.
See here for more
https://www.irs.gov/taxtopics/tc751
When box 1 and box 3/5 are different, it is usually because some kinds of employer pre-tax benefits are subtracted from box 1, 3 and 5 but other pre-tax benefits are only subtracted from box 1.
There are also a few special classes of employees who can be exempt from social security or medicare tax and so their box 3 and box 5 might be zero or blank.