John Adams has a $95,000 adjusted gross income from Apple Corp. and allowable itemized deductions of $7200. Mary Eve has a $75,000 adjusted gross income and $3000 of allowable itemized deductions. Compute the total tax they would pay as unmarried individuals. Then compute their tax as a married couple filing a joint return.

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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.