Antonio Sanchez had taxable income of $35.950 in 2021. He will file a return using the single filling status. In 2021, he opened an interest bearing savings account and received Forms 1000-T showing he had earned $12.00 interest for the year. He must report the following amount of interest on his Form 1040 10 $10 $12 $24

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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.