FRINGE BENEFITS Flashcards
FRINGE BENEFIT TAX RATE = ____.
35%
GROSSED UP MONETARY VALUE = ___.
65%
Household expenses paid by the employer for the employee are taxable fringe benefits.
Monetary value = ___________________.
amount paid
_______________ refers to all other benefits or incentives of employees other than basic pay.
Fringe Benefit
Due quarterly based on the accounting period selected by the employer using the form ________.
1603Q
Benefits that are furnished in the form of free use of employer’s property - monetary value is ____ of the rental value of the property.
50%
The quarterly fringe benefit tax is due _________________the last day of the month.
on or before
If the property does not have rental value,the depreciated value is used.
A. for real property - depreciation value is ___ years
B. for movable property - the depreciation value is __years.
20, 5
Taxable housing benefits - employer leases a residential property for the use of his employee as his residence.
Monetary value = ____ of the benefit
50%
Purchase by the employer of residential property and transfer ownership in the name of the employee, the value of the benefit is acquisition cost of zonal value, whichever is higher.
Monetary value = _____ of the value of the benefit received.
100%
Purchased/Transfered = _____ monetary value
100%
Leased/Rental = ___ monetary value
50%
Purchase of car on installment basis = ___ of aquisition cost
20%
Employer shoulders a portion and is placed in the name of the employee, even if partially used in the business.
Monetary value = the ______________ by the employer
portion shouldered
Fleet of motor vehicles owned for the use of the business and employees, the value of benefit is the cost of all motor vehicles not used for sales, frieght, delivery serives and other non-personal uses divided by 5 years.
Monetary value = ____ of the value of the benefit
50%
