Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard deduction for married filing jointly in 2019 was $24,400. Under the tax benefit rule, $_________ of the state income tax refund is included in gross income in 2020

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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.