8.  Lisa is 17 years old and is a dependent of her parents.  She has income from a summer job of $5,000 and she has $6,500 of interest income on corporate bonds.  So her gross income is $11,500.  (a) What is her taxable income (TI)?  (b) How much of her TI is Net Unearned Income (NUI), subject to taxation under the kiddie tax rules?

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Q: 27. Hossain, age 14, is a dependent of his parents. In 2021 he earned $5,000 from a part-time job…

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Q: Alexandra, single with no dependents, has waterfront rental property in Maine, but she is a…

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Q: tax liability, marginal tax rate, and average tax rate

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Q: What is her gross tax liability? (Use Tax Rate Schedule, Standard deduction, Estates and Trusts.

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A: Correct option is D i.e 12% × 23,000   Explanation:

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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.