Required information   [The following information applies to the questions displayed below.]   Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year.   How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.)   a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.

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Q: Tax Form 6251 Johnetta Boudreaux, single, had taxable income of $550,000 in 2021. She itemized her…

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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.