Bruce and Anna Wayne 1 child $78, 000 gross annual combined salaries $2, 000 invested in Bruce's IRA during the year $580 in a savings account interest $ 8, 300 in medical expenses $15, 500 in home mortgage interest $4, 800 given to charity $5, 600 paid in state income taxes $3, 750 paid in local property taxes $ 4, 000 Federal Income tax withheld during the year 1. What is the Wayne's gross income? $83, 980 $87, 030 $ 83,000 $78, 580 2. What is their adjusted gross income? $76,580 $71,000 $81, 980 $83,980

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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.