(Corporate income​ tax) Meyer Inc. has taxable income​ (earnings before​ taxes) of $284,000. Calculate​ Meyer's federal income tax liability using the tax table shown in the popup​ window:   Taxable Income   Marginal Tax Rate    ​$0−​$50,000 ​ 15%    ​$50,001−​$75,000 ​ 25%    ​$75,001−​$100,000 ​ 34%    ​$100,001−​$335,000 ​ 39%    ​$335,001−​$10,000,000 ​ 34%    ​$10,000,001−​$15,000,000 ​ 35%    ​$15,000,001−​$18,333,333 ​ 38%   Over​ $18,333,333 ​ 35% . What are the​ firm's average and marginal tax​ rates? The​ firm's tax liability for the year is

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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.