Callen Inc. had accumulated minimum tax credits of $1.37 million from tax years prior to 2018. For 2018, its regular tax before credits was $135,000. For 2019, its regular tax before credits was $155,000. If Callen does not elect the quickie refund options provided by the CARES Act with respect to 2018 minimum tax credits, determine the total amount of minimum tax credit it would claim in 2018 and 2019?

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A: Prior year (2020) taxable income = $260,000Thus 2020 Tax liability = 21% of $260,000 = $54,600

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Q: steve's tentative minimum tax

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A:

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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.