Joe salary was $50,000; however, he contributed $500 to the employer's qualified retirement plan. Which of the following is correct concerning taxes for the year? O Joe will pay income tax on $50,000 and FICA tax on $50,000 O Joe will pay income tax on $49,500 and FICA tax on $50,000 Joe will pay income tax on $49,500 and FICA tax on $49,500 O Joe will pay income tax on $50,000 and FICA tax on $49,500