Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying children who are three and five years old. During 2020, Nelta’s wages are $19,500 and receives dividend income of $800.  Use the EIC table in Appendix B to determine Nelta’s earned income credit.

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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.