For the person​ below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross​ income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction.   A man earned a salary of ​$27,000 and received ​$1250 in interest. Tax Rate   Single ​10%   up to​ $9325 ​15%   up to​ $37,950 ​25%   up to​ $91,900 ​28%   up to​ $191,650 ​33%   up to​ $416,700 ​35%   up to​ $418,400 ​39.6%   above​ $418,400 Standard deduction   ​$6350 Exemption ​(per person)   ​$4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200.   His total FICA tax 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.