Question
I have a project due by Sunday and I could use some help getting started with the first problem. I seem to be struggling in
I have a project due by Sunday and I could use some help getting started with the first problem. I seem to be struggling in finding the first answer to the problem. Below, I will provide the question and the information that is relevant in finding the answer to that question:
What is the net Form W-2 wages?
3. Paul earned salary of $82,500 (before subtracting his 401(k) and flexible spending plan contributions). He contributed $6,500 to his 401(k) account, and he contributed $2,600 to his flexible spending account.
4. ASCI paid $497 of whole life insurance premiums to cover Paul's personal whole life insurance policy. ASCI also paid health club dues of $825 to a nearby health club on Paul's behalf.
5. Taking advantage of ASCI's educational assistance program, during the fall Paul enrolled in two graduate engineering classes at a local college. ASCI paid his tuition, fees, and other course-related costs of $5,300.
6. Paul received free parking in the company's security garage that would normally cost $200 per month.
7. Paul manages the safety program for ASCI. In recognition of his superior handling of three potential crises during the year, Paul was awarded the Employee Safety Award on December 15. The cash award was $400.
11. Paul slipped on a wet spot in front of a computer store last July. He broke his ankle and was unable to work for two weeks. He incurred $1,300 in medical costs, all of which were paid by the owner of the store. The store also gave him $1,000 for pain and suffering resulting from the injury. ASCI did not pay his salary during the two weeks he missed because of the accident. However, ASCI's disability insurance plan paid him $1,500 in disability pay for the time he was unable to work. Under this plan, ASCI pays the premiums of $500 for the disability insurance as a taxable fringe benefit.The disability plan premiums and the disability benefit payments were not included in Paul's W-2 wages reported in paragraph 3.
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