The following statements are true, except:Select one:a.Second hand motor vehicle provided to a rank and file employee is not subject to fringe benefits tax.b.Fringe benefits given to employees holding managerial positions are subject to final tax.c.Fringe benefits given to employees regardless of what positions they are holding are subject to fringe benefits tax.d.The grossed-up monetary value is computed by dividing the monetary value by the grossed-up monetary rate

Statement I Fringe benefits received by rank and file employees are not subject to fringe benefits tax, but included in the gross taxable incomeStatement II Fringe benefits granted to managerial employees are subject to fringe benefits tax and the employer withholds the amount of taxSelect one:a.Both statements are correctb.Only Statement I is correctc.Neither statement is correctd.Only Statement II is correct

Statement I Fringe benefits received by an employee may either be subject to final tax or basic taxStatement II Fringe benefits received by supervisor or manager are nontaxable because of the complexities of functions attached to the positionSelect one:a.Neither statement is correctb.Only Statement II is correctc.Both statements are correctd.Only Statement I is correct

The grossed-up monetary value of fringe benefits shall be computed as:Select one:a.For non-resident aliens engaged in business or trade in the Philippines, the monetary value shall be divided by 85%.b.The monetary value of employees in special economic zone shall be divided by 68%.c.The monetary value of the fringe benefit shall be divided by 75% for non-resident alien not engaged in business or trade in the Philippines.d.The monetary value shall be divided by 75% for non-resident citizens.

Employees should compare taxable and nontaxable employee benefits.True false question.TrueFalse

types of fringe benefits