Levi is a single taxpayer with taxable income of $285,000 ($5,000 of which is capital gains/qualified dividends). Levi owns an architecture firm that he operates as a sole proprietorship. During 2020, the fırm earned income of $135,000. The firm's W-2 wages were $42,000, and the unadjusted basis in property immediately after acquisition (UBIA) was $340,000. What is the wage limitation that Levi is subject to this year?

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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.