Geraldine is an accrual basis taxpayer who has the following transactions during the current calendar tax year: Accrued business income (except rent) $414,800 Accrued business expenses (except rent) 311,100 Rental income on a building leased for the next 6 months, received on December 1 41,480 Prepaid rent expense for 6 months, paid on December 1 20,740   Calculate Geraldine's net income from her business for the current year. If required, your answers to the nearest dollar. Income:     Other than rental $   Rental   Expenses:     Other than rental     Rental   Net income

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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.