Required information Problem 12-49 (LO 12-1, LO 12-3) (Static) (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 Health insurance-single Health insurance-with spouse Health insurance-with spouse and dependents Dental and vision Dependent care-any specified amount up to $5,000 Adoption benefits-any specified amount up to $5,000 Educational 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.) Problem 12-49 Part b (Static) b. Matt selects the single health insurance benefit, is reimbursed $5,000 for MBA tuition, and takes the remainder in cash. Answer is complete but not entirely correct. Matt must recognize Fresh may deduct $ 0 X $ 5,000 X Required information Problem 12-49 (LO 12-1, LO 12-3) (Static) (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 Health insurance-single Health insurance-with spouse Health insurance-with spouse and dependents Dental and vision Dependent care-any specified amount up to $5,000 Adoption benefits-any specified amount up to $5,000 Educational 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.) Problem 12-49 Part (Static) c. Matt selects the single health insurance benefit and is reimbursed for MBA tuition of $10,000. Matt must recognize Fresh may deduct Required information Problem 12-49 (LO 12-1, LO 12-3) (Static) [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 Health insurance-single Health insurance-with spouse Health insurance-with spouse and dependents Dental and vision Dependent care-any specified amount up to $5,000 Adoption benefits-any specified amount up to $5,000 Educational 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.) Problem 12-49 Part d (Static) d. Matt gets married and selects the health insurance with spouse benefit and takes the rest in cash to help pay for the wedding. Matt must recognize Fresh may deduct Required information Problem 12-49 (LO 12-1, LO 12-3) (Static) [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 Health insurance-single Health insurance-with spouse Health insurance-with spouse and dependents Dental and vision Dependent care-any specified amount up to $5,000 Adoption benefits-any specified amount up to $5,000 Educational 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.) Problem 12-49 Part e (Static) e. Matt elects to take all cash. Matt must recognize Fresh may deduct
