24. Which of the following statements regarding fringe benefit is true?

I. Expenses incurred by the employee, but which are paid for or reimbursed by the employer are taxable fringe benefits EXCEPT when the expenditures are duly receipted for and in the name of the employer and the expenditures do not partake the nature of a personal expense attributable to the employee.

II. Benefits given to the rank and file, whether granted under a collective bargaining agreement or not are subject to fringe benefit tax.

III. The exemption of any fringe benefit from the fringe benefit tax shall not be interpreted to mean exemption from any other income tax unless the same is likewise exempt by law Group of answer choices

C. I and II only

B. I and III only

A. I only

D. All of the above

25. From a managerial employee for the taxable year 2020:

Salaries and wages; net of the following - P681,200

SSS and Medicare contributions - P12,000

Tax Withheld - 134,800

Total fixed monthly allowance (P5,000/mo) - 60,000

Allowance not subject to liquidation - 48,000

Gasoline allowance, subject to liquidation - 30,000

13th month pay - 68,000

Christmas Bonus - 15,000

The gross compensation income subject to graduated rate is

Group of answer choices:

D. P876,000 A. P440,000 B. P681,200 C. P816,000

26. From a managerial employee for the taxable year 2020:

Salaries and wages; net of the following - P681,200

SSS and Medicare contributions - P12,000

Tax Withheld - 134,800

Total fixed monthly allowance (P5,000/mo) - 60,000

Allowance not subject to liquidation - 48,000

Gasoline allowance, subject to liquidation - 30,000

13th month pay - 68,000 Christmas Bonus - 15,000

The fringe benefit tax due is

Group of answer choices:

D. P33,412 A. P36,706 B. P25,846 C. P24,941

28. In 2020, JYD Corporation paid for the annual rental of a residential house by its general manager amounting to P637,500. The deductible amount of JYD is

Group of answer choices

B. P318,750 C. P468,750 D. P809,135 A. P637,500

29. Included in the compensation package of an executive was the free use of the companys residential condominium unit in Quezon City, Philippines. Data on the condominium unit for taxable year 2020 follows:

FMV in the Real Property Declaration P1,000,000

Zonal Value 2,000,000

Current Market Value 2,500,000

What is the fringe benefit tax of the fringe benefit?

Group of answer choices:

A. P26,923 B. P2,244 C. P705, 832 D. P945,177