For 2020, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's contribution to the plan during 2020 was $180,000. Prepare Sampsell's 2020 entry to record postretirement expense, assuming Sampsell has no OCI amounts.

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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.