W2 amounts do not match income because of withholdings/ reconciling his salary of $145,000 to the amounts in Boxes 1, 3, and 5.
Please show the math reconciliation.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper NowEric, 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.
