Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing status is single Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 short term capital gain from stock investment 2,000 Amount lost in football office betting pool 500 Age 40

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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.