For its first year of operations, Tringali Corporation's reconciliation of pretax accounting income to taxable income is as follows:           Pretax accounting income $ 300,000     Permanent difference   (15,000 )       285,000     Temporary difference-depreciation   (20,000 )   Taxable income $ 265,000       Tringali's tax rate is 40%. Assume that no estimated taxes have been paid.   What should Tringali report as income tax payable for its first year of operations?   a.$8,000 b.$120,000 c.$106,000 d.$114,000

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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.