In December 2020, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on the sale of stock held for 4 years. They have no other capital gains and losses for the year. After the standard deduction, their ordinary income for the year, before the capital gain, is $70,000, making their total income for the year $125,000. In 2020, married taxpayers who file jointly pay tax of $8,008 on the first $70,000 of ordinary taxable income and 15% on long-term capital gains above $80,000. What is their total tax liability? a.$16,258.00 b.$14,758.00 c.$14,949.50 d.$19,080.00

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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.