Problem 1-40 (LO 1-3) (Algo) Scot and Vidia, married taxpayers, earn $264,000 in taxable income and $8,600 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places) Answer is complete but not entirely correct. Federal tax $ 51,402 ( Average tax rate 19.03 % Effective tax rate 19.07 % Marginal tax rate 24 %

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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.