Erin, who is a self-employed party consultant, made $60,000 in net income from her business in 2020. Compute her self- employment tax liablitiy for 2020. Make sure you consult the book and how to compute this amount. O $4,590 O $7,440 O $8,477.73 O $9,180.00

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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.