Taxable Fringe Benefits for Rank and File Employees

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App

Questions and Answers

Which of the following is considered as a taxable fringe benefit for rank and file employees?

  • Sack of rice
  • Medical services
  • Meals furnished by the employer
  • Performance bonus (correct)

What type of allowance given to an employee is exempt from taxation?

  • Reimbursement-type allowance (correct)
  • Performance bonus
  • Fixed transportation allowance
  • Representation allowance

Which of the following is an exempt fringe benefit for rank and file employees?

  • Danger exposure allowance
  • Fees received for performance of service
  • Rental value of quarters furnished to an employee
  • Living quarters (correct)

What type of payments are considered exempt for rank and file employees?

<p>Dismissal payments (C)</p> Signup and view all the answers

Which of the following is considered as a taxable fringe benefit for rank and file employees?

<p>Fees received by an employee for the performance of a service (A)</p> Signup and view all the answers

Which one of these is considered as a taxable fringe benefit for rank and file employees?

<p>$100 meal subsidy (C)</p> Signup and view all the answers

Which of the following is NOT considered a taxable fringe benefit for Managerial or Supervisory Employees?

<p>Retirement and separation benefits exempt under the law (B)</p> Signup and view all the answers

Under what conditions would the lodging cost in a hotel or establishment be considered as a taxable fringe benefit?

<p>If the lodging cost exceeds US$300/day (B)</p> Signup and view all the answers

Which of the following is a condition for reasonable foreign travel expenses to be exempt from fringe benefit tax?

<p>The travel must be supported by official communication from business associates abroad indicating the purpose of the meeting (A)</p> Signup and view all the answers

Which of the following housing benefits is exempt from being considered as a taxable fringe benefit?

<p>Housing benefits provided to military officials of the Armed Forces of the Philippines (A)</p> Signup and view all the answers

What is taxable as a fringe benefit when provided by the employer for the employee in social and athletic clubs or other similar organizations?

<p>Membership fees, dues, and other expenses in full (A)</p> Signup and view all the answers

When would traveling expenses paid by the employer for the travel of family members of the employee be treated as taxable fringe benefits?

<p>When there is no documentary evidence to support that the foreign travel was for business meetings or convention (B)</p> Signup and view all the answers

Which of the following is NOT treated as a taxable fringe benefit for household personnel if shouldered by the employer?

<p>Payment for educational expenses (D)</p> Signup and view all the answers

What percentage of the cost of a first-class airplane ticket is considered as a taxable fringe benefit?

<p>30% of the cost of the ticket (D)</p> Signup and view all the answers

Under what condition would retirement and separation benefits be considered as taxable fringe benefits?

<p>Under no circumstance are retirement and separation benefits considered as taxable fringe benefits (D)</p> Signup and view all the answers

Which of the following is considered a taxable fringe benefit for rank and file employees?

<p>Meals furnished or subsidized by the employer (D)</p> Signup and view all the answers

Which type of allowance given to an employee is exempt from taxation?

<p>Personal economic relief allowance (PERA) granted to government employees (C)</p> Signup and view all the answers

What is exempt from being considered as a taxable fringe benefit for rank and file employees?

<p>Courtesy discounts on purchases (C)</p> Signup and view all the answers

Which of the following is NOT treated as a taxable fringe benefit for rank and file employees?

<p>Performance bonus (D)</p> Signup and view all the answers

Under what condition would retirement and separation benefits be considered as taxable fringe benefits?

<p>When the retirement and separation benefits are paid in lump sum or in regular installments (D)</p> Signup and view all the answers

What type of payments are considered exempt for rank and file employees?

<p>Meals, living quarters, de minimis entertainment, medical services (D)</p> Signup and view all the answers

Which type of allowance given to an employee is exempt from taxation?

<p>Reimbursement-type allowance (A)</p> Signup and view all the answers

What percentage of the cost of a first-class airplane ticket is considered as a taxable fringe benefit?

<p>30% (B)</p> Signup and view all the answers

Under what condition would retirement and separation benefits be considered as taxable fringe benefits?

<p>If subject to final tax (B)</p> Signup and view all the answers

Which of the following is NOT treated as a taxable fringe benefit for household personnel if shouldered by the employer?

<p>Personal driver of the employee (B)</p> Signup and view all the answers

What type of payments are considered exempt for rank and file employees?

<p>Excess advances retainable by the employee (B)</p> Signup and view all the answers

Which of the following is considered as a taxable fringe benefit for rank and file employees?

<p>$300/day lodging cost in a hotel (A)</p> Signup and view all the answers

When would traveling expenses paid by the employer for the travel of family members of the employee be treated as taxable fringe benefits?

<p>If not for business meetings or conventions (A)</p> Signup and view all the answers

What is taxable as a fringe benefit when provided by the employer for the employee in social and athletic clubs or other similar organizations?

<p>$500 annual membership fees in social clubs (D)</p> Signup and view all the answers

Flashcards are hidden until you start studying

More Like This

Use Quizgecko on...
Browser
Browser