Vasquez Corp.'s 2017 income statement showed pretax accounting income of $2,040,000. To compute the federal income tax liability, the following 2017 data are provided: Income from exempt municipal bonds $ 110,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 144,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 30% What amount of current federal income tax liability should be included in Vasquez's December 31, 2017 balance sheet?

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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.