The Parent consolidated group reports the following results for the tax year. Entity Income or Loss Parent $37,000 Sub1 (3,700) Sub2 14,800 Sub3 7,400   Do not round any division in your computations. If required, round your answers to nearest whole dollar. If an amount is zero, enter "0". a.  What is the group's consolidated taxable income and consolidated tax liability? If the relative taxable income method, the consolidated taxable income is $fill in the blank 1 and the total consolidated tax liability is $fill in the blank 2. b.  If the Parent group has consented to the relative taxable income method, how will the consolidated tax liability be allocated among the Parent and Subsidiaries 1, 2, and 3? Entity Income or Loss Parent $fill in the blank 3 Sub1 $fill in the blank 4 Sub2 $fill in the blank 5 Sub3 $fill in the blank 6

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A:

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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.