Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the amount to recognize and the amount to deduct p

the amount to recognize and the amount to deduct please ...

50.1K

Verified Solution

Question

Accounting

the amount to recognize and the amount to deduct please image
image
image
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: For each of the following independent circumstances, determine the amount of income Matt must recognize and the amount of deduction Fresh may claim: Note: Leave no answer blank. Enter zero if applicable. Required: a. Matt selects the single health insurance benefit and places $10,000 in his 401(k). b. Matt selects the single health insurance benefit, is reimbursed $5.000 for dependent care, and takes the remainder in cash. c. Matt selects the single health insurance benefit and is reimbursed for $10,000 of dependent care. d. Matt gets married and selects the health insurance with spouse benefit and takes the rest in cash to help pay for the wedding. e. Matt elects to take all cash. Matt selects the single health insurance benefit and places $10,000 in his 401(k)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students