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Determine the amount of income matt must recognize

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Matt works for Fresh Corporation. Fresh offers a cafeteria plan that allows each employee to receive $15,000 worth of bene?ts each year. The menu of bene?ts is as follows:

                          Benefit                                                                                       Cost

Health insurancrsingle                                                                      $ 5,000

Health insuranCHith spouse                                                               $ 3,000

Health insuranCHith spouse and dependents                                             $11,000

Dental and vision 5                                                                               1,500

Dependent care-any specified amount up to $5,000                               Variable

Adoption benefits-an).r 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 and the amount of deduction Fresh may claim: (Leave no answer blank. Enter zero if applicable.)

Question 1: Matt selects the single health insurance bene?t, is reimbursed $5,000 for MBA tuition, and takes the remainder in cash.

Reference no: EM132493656

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