Henry files as a single taxpayer.  In 2020 his taxable income was $95,525.  Using the tax rate schedule in Chapter 3, what is his tax liability for the year?

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A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

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A: The following points need to be calculated: Income Tax Net Investment Income Tax Total Tax

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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.