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Reil [10]
3 years ago
13

Karen Wilson and Katie Smith are looking at the company's health care options and trying to determine how much their net pay wil

l decrease if they sign up for the qualified cafeteria plan offered by the company. Karen, a married woman with four exemptions, earns $2,250 per biweekly payroll. Katie, a single woman with one exemption, also earns $2,075 per biweekly payroll. The biweekly employee contribution to health care that would be subject to the cafeteria plan is $115.
Required:


Compute the taxable income for Karen and Katie.



Karen’s taxable income if she declines to participate in the cafeteria plan: _____


Karen’s taxable income if she participates in the cafeteria plan: _____


Katie’s taxable income if she declines to participate in the cafeteria plan: _____


Katie’s taxable income if she participates in the cafeteria plan:______
Business
1 answer:
Rufina [12.5K]3 years ago
7 0

Answer:

Without cafeteria plan Karen taxable income is 2250 dollars and with cafeteria plan the taxable income is $2135.

Without cafeteria plan Katie taxable income is 2075 dollars and with cafeteria plan the taxable income is $1960.

Explanation:

A married women Karen earns = $2250

Katie single women earn = $2075

Employee contribution to health care = $115

If the Karen decline to participate in the cafeteria then her taxable income is $2250 (wages).

If the Karen accept to participate in the cafeteria then her taxable income is $2250 - $115 (contribution) = $2135

If Katie declined to participate in the cafeteria then her taxable income is $2075 (wages).

If Katie accept to participate in the cafeteria then her taxable income is $2075 - $115 (contribution) = $1960

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