You have accepted a job with a salary of $100,000. You have the opportunity to participate in 401(k) and cafeteria plans and have elected to contribute $15,000 to the 401(k) plan and purchase health insurance for $7,500.

1. Based only on the information provided, how much cash will you receive during your first full year of employment?

2. Based only on the information provided, what will be your gross income for your first full year of employment?