Under Widget Company's cafeteria plan, all full-time employees are allowed to select any combination of the...
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Under Widget Company's cafeteria plan, all full-time employees are allowed to select any combination of the following benefits, but the total received by each employee cannot exceed $8,000 a year. II. III. IV. Group medical and hospitalization insurance for the employee, $3,600 a year. Group medical and hospitalization insurance for the employee's spouse and children, $1,200 a year. Child care payments, actual cost but not more than $3,500 a year. Cash required to bring the total of benefits and cash to $8,000. If Mary selects choices I and III and $900 cash, how much must Mary include in her taxable gross income? Under Widget Company's cafeteria plan, all full-time employees are allowed to select any combination of the following benefits, but the total received by each employee cannot exceed $8,000 a year. II. III. IV. Group medical and hospitalization insurance for the employee, $3,600 a year. Group medical and hospitalization insurance for the employee's spouse and children, $1,200 a year. Child care payments, actual cost but not more than $3,500 a year. Cash required to bring the total of benefits and cash to $8,000. If Mary selects choices I and III and $900 cash, how much must Mary include in her taxable gross income?
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SOLUTION Mary has selected choices I and III and 900 in c... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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