Vella owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent    $  ‍24,000 Bribes    40,000 Travel expenses    4,000 Utilities    18,000 Wages    230,000 Payroll taxes    13,800 Property insurance    1,600 Illegal kickbacks    22,000 What are Vella’s total deductible expenses for tax purposes?

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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.