Problem 6-12 (Algorithmic)The Individual Alternative Minimum Tax (AMT) (LO 6.5) Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $150,000. They have excess depreciation on real estate of $90,000, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $30,000, and they made charitable contributions of $15,000. They have no other itemized deductions. If Otto and Monica's taxable income for the current year is $105,000, determine the amount of their AMTI.$

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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.