Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000 so her net self-employment income on Schedule C was $215,000.  She files single.   What is her self-employment tax?  Specify the SS and Medicare amounts. Calculate the amount of surtax, if any, she must pay. How much can she deduct as a FOR AGI deduction?

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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.