A company had pretax financial income of $796,000 in 2021. During 2021, the following items cause taxable income to be different than pretax financial income: Depreciation for tax purposes in excess of book depreciation $7,000 Fines resulting from a violation of law 2,170 Received advance rent payment. The rent is for 2022. 7,140 What is taxable income for the company in 2021?

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.