Magnus Corporation has $120,000 of revenues for the year. They also have the following expenses during the year: · Cost of Goods Sold: $15,000 · Business Meals Expense: $6,000 · Speeding Tickets: $7,000     ·Salaries: $20,000 What is the amount of Magnus’ Taxable Income [hint: Corporate taxable income= Gross Income minus Allowable Deductions]? Group of answer choices $72,000 $75,000 $79,000 $82,000

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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.