In its first year (2021), Camco Incorporated generated a $92,000 net operating loss, and it made a $5,000 cash donation to a local charity. In its second year (2022), Camco generated a $210,600 profit, and it made a $10,000 donation to the same charity. Required: Compute Camco's taxable income for its second year. Taxable 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.