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Howard works in the hotel division of Resorts, Inc. Resorts, Inc. offered Howard a cafeteria plan with $12,000 of benefits. Howard placed $4,000 from the
Howard works in the hotel division of Resorts, Inc. Resorts, Inc. offered Howard a cafeteria plan with $12,000 of benefits. Howard placed $4,000 from the plan in his 401(k), paid for his graduate school tuition in the amount of $6,000, and kept the other $2,000 as cash. Calculate the amount Howard should include in his income.
Multiple Choice
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$2,000
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$2,750
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$4,750
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$8,000
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$12,000
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