Song earns $117,500 taxable income as an interior designer and is taxed at an average rate of 15 percent ($17,625 of tax). If congress increases the income tax rate such that songs average tax rate increases from 15 percent to 20 percent, how much more income tax will she pay assuming that the income effect is descriptive?

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Q: 28

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A: solution : part a) given : song earns         =$100,000 taxable income current average tax rate…

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A:

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Q: Song earns $118,000 taxable income as an interior designer and is taxed at an average rate of 20…

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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.