Required information [The following information applies to the questions displayed below.) Matt works for Fresh...
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Required information [The following information applies to the questions displayed below.) 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 Bealth insurance-single Health insurance with spouse Health Insurance-vith spouse and dependents Dental and vision Dependent care any specified amount up to $5,000 Adoption benefits-any specified amount up to $5,000 Nducational benefits-any specified amount (no limit) Cash-any specified amount up to $15,000 plan benefit 401(k)-any specified amount up to $10,000 Cost $ 5,000 $ 8,000 $11,000 $ 1,500 Variable Variable Variable Variable 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.) b. Matt selects the single health insurance benefit, is reimbursed $5,000 for MBA tuition, and takes the remainder in cash Matt must recognize Fresh may deduct
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