The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Diego, age 28, married Dolores, age 27, in 2020. Their salaries for the year amounted to $103,875 and they had interest income of $4,630. Diego and Dolores' deductions for adjusted gross income amounted to $8,490; their itemized deductions were $14,175, and they have no dependents. Table for the standard deduction Filing Status Standard Deduction Single $12,400   Married, filing jointly 24,800   Married, filing separately 12,400   Head of household 18,650   Qualifying widow(er) 24,800   Click here to access the tax tables. a.  What is the amount of their adjusted gross income? $fill in the blank b.  In order to minimize taxable income, Diego and Dolores will _________ in the amount of $fill in the blank  c.  What is the amount of their taxable income? $fill in the blank  d.  What is their tax liability for 2020? $fill in the blank

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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.