Business, 03.12.2019 01:31 rudokingbro6657

Matt works for fresh corporation. fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of benefits each year. the menu of benefits is as follows: benefit cost health insurance—single $ 5,000 health insurance—with spouse $ 8,000 health insurance—with spouse and dependents $ 11,000 dental and vision $ 1,500 dependent care—any specified amount up to $5,000 variable adoption benefits—any specified amount up to $5,000 variable educational benefits—any specified amount (no limit) variable cash—any specified amount up to $15,000 plan benefit variable 401(k)—any specified amount up to $10,000 variable for each of the following independent circumstances, determine the amount of income matt must recognize (ignore fica taxes): (leave no answer blank. enter zero if applicable.)

a. matt selects the single health insurance and places $10,000 in his 401(k).

recognized income
b. matt selects the single health insurance, is reimbursed $5,000 for mba tuition, and takes the remainder in cash.

recognized income
c. matt selects the single health insurance and is reimbursed for mba tuition of $10,000.

recognized income
d. matt gets married and selects the health insurance with his spouse and takes the rest in cash to pay for the wedding.

recognized income
e. matt elects to take all cash.

recognized income

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Matt works for fresh corporation. fresh offers a cafeteria plan that allows each employee to receive...

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