Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help. Eric’s 2018 salary was $145,000 and he does not understand why the amounts in Boxes 1, 3 and 5 are not $145,000? His final paycheck for the year included the following information: – Eric contributed 5 percent of his salary to the company 401(k) plan on a pre-tax basis. – Eric is married with two children. He had $5,000 deducted from his wages for a Dependent Care Flexible Spending Account. – Eric is enrolled in the company-sponsored life insurance program. He has a policy that provides a benefit of $145,000. – Eric contributed $2,500 to the Health Care Flexible Spending Account (he keeps forgetting that the maximum deferral has increased over the years). Using the information and Eric’s Form W-2, prepare an email to Eric reconciling his salary of $145,000 to the amounts in Boxes 1, 3, and 5
Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help. Eric’s 2018 salary was $145,000 and he does not understand why the amounts in Boxes 1, 3 and 5 are not $145,000? His final paycheck for the year included the following information: – Eric contributed 5 percent of his salary to the company 401(k) plan on a pre-tax basis. – Eric is married with two children. He had $5,000 deducted from his wages for a Dependent Care Flexible Spending Account. – Eric is enrolled in the company-sponsored life insurance program. He has a policy that provides a benefit of $145,000. – Eric contributed $2,500 to the Health Care Flexible Spending Account (he keeps forgetting that the maximum deferral has increased over the years). Using the information and Eric’s Form W-2, prepare an email to Eric reconciling his salary of $145,000 to the amounts in Boxes 1, 3, and 5
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section13.3: Reporting Withholding And Payroll Taxes
Problem 1OYO
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Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help. Eric’s 2018 salary was $145,000 and he does not understand why the amounts in Boxes 1, 3 and 5 are not $145,000? His final paycheck for the year included the following information: – Eric contributed 5 percent of his salary to the company 401(k) plan on a pre-tax basis. – Eric is married with two children. He had $5,000 deducted from his wages for a Dependent Care Flexible Spending Account. – Eric is enrolled in the company-sponsored life insurance program. He has a policy that provides a benefit of $145,000. – Eric contributed $2,500 to the Health Care Flexible Spending Account (he keeps forgetting that the maximum deferral has increased over the years). Using the information and Eric’s Form W-2, prepare an email to Eric reconciling his salary of $145,000 to the amounts in Boxes 1, 3, and 5
Transcribed Image Text:a Employee's socalscully umber
791-51-4335
Sate, accurate,
OMB No. 1545-0008 FASTI Use
Vst the IRS wabelta at
efile
www.s.gowerte
b Employor Identification number EN
12-3456789
1 Wages, ips, cner oomperealon
130,377.00
2 Foderal ncome tax wihelG
15, 184.00
a Employer's nama, addross, and ZIP code
* Sucaluny wagur
128,400.00
Ivy Technologies Inc.
436 E. 35 Ave.
7,960.80
6 Modicare tax withheld
1,995.59
6 Medcare wages and tips
Gary, IN 46409
137,627.00
7 Socal necurtty tips
8 Allocated tips
d Control rumber
9 Vorication code
10 Depanderk cara bonefts
5,000.00
• Employae's firstname and Intial
Sur. 11 Nonqualned plans
Last name
12a Soo nstructions for box 12
Eric Hayes
127.00
12b
plan
sick p
555 E. 81st Street
7,250.00
Merrillville, IN 46410
14 Cther
120
| DD| 12,345.00
12d
f Employoe's addross and DP code
15 State Employer's state ID number
IN | 00122231001
16 Stata wagas, tips, ata.
17 State Income tax
18 Local wagus, 1ps, atc.
19 Local Income tax
20 Localtty name
130,377.00
4,956.00
130,377.00
987.00
LAKE
Form W-2 Wage and Tax
Statement
Department of the Treaury-Internal Roverue Service
2018
Copy B-To Be FIlled With Employee's FEDERAL Tax Return.
This Information Is belng fumished to the Intemal Revenue Service.
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