Eric, your friend, received his Form W-2 from his employer (next slide) and has asked for your help. Erics 2022 salary was $160,000 and he does not understand why the amounts in Boxes 1, 3, and 5 are not $160,000. His final paycheck for the year included the following information:

Eric contributed five 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 $150,000.

Eric contributed the 2022 maximum amount to the Health Care Flexible Spending Account.

Using the information and Erics Form W-2, prepare an email to Eric reconciling his salary of $160,000 to the amounts in Boxes 1, 3, and 5.