Tyler Company made the following journal entry in late 2008 for estimated warranties. Warranties Expense                                                   60,000             Warranties Payable                                                      60,000 The warranties are expected to be paid in 2009 and 2010. Tyler Company is a cash basis taxpayer. Tyler has income tax payable of $92,000 at the end of 2008, and its tax rate is 35%. What amount of income tax expense should Tyler Company report at the end of 2008? Group of answer choices $71,000 $81,500 $113,000 $53,000

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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.