The following information applies to Emily for 2023. Her filing status is single. Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received (divorce occurred in 2014) 6,000 Contribution to traditional IRA 6,500 Gift from parents 25,000 Short-term capital gain from stock investment 2,500 Amount lost in football office pool (gambling loss) 500 Age 40 Emily's taxable income in 2023 is how much?

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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.