Determine Amy’s taxable income for 2019 if she has $40,000 of salary income, is single, and claims the standard deduction Required Determine Amy’s income tax liability for 2019.

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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.