In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund of $1,200.  Jin received the refund in March 2021.  Which of the following is true in regards to how that refund will be reflected in Jin's 2021 federal income tax return?       Answers:   The refund will excluded from gross income.   The refund will only be included in gross income if Jin used itemized deductions (including the deduction for relevant taxes) in the prior year.   The refund will only be included in gross income if Jin used the standard deduction in the prior year.     The refund will definitely be included in gross income, regardless of the details of Jin's prior year return.

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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.