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IRTAX 005

Authored by Joy Basia

Financial Education

University

Used 2+ times

IRTAX 005
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the following statements is incorrect regarding fringe benefits tax

Deductible expense by the employee

Imposed on the employer.

Deductible expense by the employer

Deductible expense by the employer

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Basic rules on fringe benefits tax, except

The fringe benefit tax is a tax imposed on the managerial or supervisory employee

Fringe benefits given to rank and file employees are not subject to fringe benefit tax

Fringe benefits given to a supervisory or managerial employee are subject to fringe benefit tax.

De minimis benefits whether given to rank and file employee or to a supervisory or managerial employee are not subject to fringe benefit tax.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement is wrong? The fringe benefit tax is

Imposed on the rank-and-file employee if the amount of the benefit exceeds the ceiling allowed by the tax code.

Imposed on the employer.

Withheld at source.

Deductible by the employer

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Facilities or privileges furnished or offered by an employer to his employees that are of relatively small value and are offered or furnished by the employer merely as a means of promoting the health, goodwill, contentment, or efficiency of his employees.

De minimis benefit

Fringe benefit

Fringe benefit tax

Grossed-up monetary value.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The following concepts denotes exemption from the fringe benefits tax, except

Welfare and benefit of the employees

Convenience of the employer

Necessity to the business or trade of employer

De minimis benefits

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding the amount on which the fringe benefit tax rate is applied, which statement is wrong? The FBT is applied on.

The monetary value of the fringe benefit.

The grossed-up monetary value of the fringe benefit.

The amount deductible by the employer from gross income.

Both amounts of the fringe benefit and the fringe benefit tax

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is correct?

Fringe benefits may be given to managerial, supervisory, and rank and file employees.

Fringe benefits may be given to managerial, supervisory, and rank and file employees.

Fringe benefit given to employees is exempt from fringe benefit tax.

If the fringe benefits are taxable, the tax will be paid by the employer

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