Professional Documents
Culture Documents
Generally, the grossed up monetary value of the fringe benefit shall be determined by dividing
the monetary value of the fringe benefit by:
a.
67%
c.
66%
b.
68%
d.
69%
2.
One who is vested with powers or prerogatives to lay down and execute management policies
and/or to hire, transfer, suspend, lay-off, recall, discharge, assign or discipline employees
a.
rank and file employee
b.
supervisory employee
c.
managerial employee
d.
officers
3.
The grossed-up monetary value of fringe benefit subject to fringe benefit tax received by a nonresident alien individual not engaged in trade or business in the Philippines is computed by
dividing the monetary value of the fringe benefit by:
a.
68%
c.
70%
b.
32%
d.
75%
4.
5.
6.
managerial employee
all employees
The following statements about fringe benefits are false. Which is the exception?
a.
The amount of de minimis benefits given to rank and file employees are not subject to the
fringe benefits tax
b.
the amount of de minimis benefits given to managerial employees are subject to fringe
benefits tax
c.
the equivalent of value of free meals and living quarters which are given to an employee
for the convenience-of-the-employer are considered as fringe benefits subject to fringe
benefits tax
d.
the fringe benefit tax is not deductible from gross income is computing the taxable income
of the employer
8.
P80,000.00
P18,823.00
P80,000.00
P18,823.00
9.
c.
d.
1|Page
What value of the property shall be used in determining the grossed-up monetary value of the
fringe benefit?
a.
P10,000,000.00
c.
P250,000.00
b.
P 8,000,000.00
d.
P200,000.00
11.
P250,000.00
P200,000.00
12.
13.
c.
d.
P250,000.00
P200,000.00
14.
Any good, service, or other benefit furnished or granted by an employer in cash or in kind in
addition to the basic salaries, to an individual employee (except rank and file employee)
a.
De Minimis Benefit
c.
Fringe Benefit
b.
Fringe Benefit Tax
d.
Grossed Up Monetary Value
15.
Which
a.
b.
c.
d.
16.
Those who, in the interest of the employer, effectively recommend such managerial actions if the
exercise of such authority is not merely routinary or clerical in nature but requires the use of
independent judgment
a.
Officers
c.
Managerial Employees
b.
Supervisory Employees
d.
Rank and File Employees
statement is wrong? The amount on which the fringe benefit tax rate is applied is:
the monetary value of the fringe benefit
the grossed-up monetary value of the fringe benefit
the amount deductible by the employer from his/its gross income
reflected in the books in the two accounts of fringe benefits and tax
What value of the property shall be used in determining the grossed-up monetary value of the
fringe benefit?
a.
P7,000,000.00
c.
P250,000.00
b.
P 8,040,000.00
d.
P200,000.00
18.
19.
20.
c.
d.
P50,000.00
P94,588.00
2|Page
21.
23.
How much is the monthly grossed-up monetary value of the fringe benefit?
a.
P15,775.00
c.
P95, 562.00
b.
P49,265.00
d.
P33,500.00
24.
25.
c.
d.
P15,765.00
P49,265.00
3|Page