Chapter 9 | Accounting homework help

 

Eric, your friend, received his Form W-2 from his employer (below) and has asked for your help. Eric’s 2019 salary was $145,200 and he does not understand why the amounts in Boxes 1, 3 and 5 are not $145,200? 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 $145,200.
  • –Eric contributed $2,650 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 $145,200 to the amounts in Boxes 1, 3, and 5.

A W-2 form is divided into two panels. The first panel contains a to f sections and they are as follows: a. employee’s social security number (highlighted): 791-51-4335, b. employer identification number (EIN): 12-3456789, c. employer’s name, address, and ZIP code: Ivy Technologies, Inc. 436 E. 35 Avenue, Gary, I N 46409, d. control number, e. employees’ first name, initial, and last name, and f. employees’ address and ZIP code. The second panel contains 1 to 20 sections and they are as follows: 1. Wages, tips, other compensation (highlighted): 130,417.00, 2. Federal income tax withheld (highlighted): 15,184.00, 3. Social security wages: 132,900.00, 4. Social security tax withheld: 8,239.80, 5. Medicare wages and tips: 137,677.00, and 6. Medicare tax withheld: 1,996.32, 7. Social security tips, 8. Allocated tips, 9, 10. Department care benefits: 5,000.00, 11. Nonqualified plans, 12a. See instruction for box 12: C, 127, 12 b: D, 7,260, 12 c: DD, 12,345.00. 12 d: Blank, 13. (Each option is followed by a tick box) Statutory employee, Retirement plan, and Third-part sick pay (Retirement plan is checked), 14. other, 15. State, employee’s state I D number: I N, 00122231001, 16. state wages, tips, etc.: 130,417.00, 17. state income tax: 4,956.00, 18. local wages, tips, etc.: 130,417.00, 19. local income tax: 987.00, and 20. locality name: LAKE. A foot note below the form reads, “Form W-2 Wage and Tax Statement, Copy B—To Be Filed with Employee’s FEDERAL Tax Return, this information is being furnished to the Internal Revenue Service, 2019, Department of the Treasury—Internal Revenue Service.” 

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