Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C inco was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan.

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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.