This is income taxation Tabag 2020.

Chapter Exercises - Fringe Benefit Tax Subject to fringe benefit tax if the recipient is a managerial Chapter Exercises - Fringe Benefit Tax employee d. Subject to basic income tax regardless of employee's rank 43. 1st Statement - Rice subsidy of two thousand pesos (P2,000) or one sack of 50 kg. rice per month amounting to not more than two thousand pesos is an exempt de minimis benefit . 40. Statement 1: - Uniforms and clothing allowance not exceeding six thousand pesos (P6,000) per annum is an exempt de minimis benefit and Statement - Employee achievement awards, e.g., for length of Statement 2: - Actual medical benefits not exceeding P10,000 per service, or safety achievement, which must be in the form of a tangible personal property other than cash or gift certificate, with an annual annum is an exempt de minimis benefit. monetary value not exceeding ten thousand pesos received by an Statements 1 & 2 are false employee under an established written plan which does not Statement 1 is true but statement 2 is false benefit. discriminate in favor of highly paid employees is an exempt de minimis Statement 1 is false but statement 2 is true a. Statements 1 & 2 are false Statements 1 and 2 are true Statement 1 is true but statement 2 is false 41. Other benefits received by employees from an employer which are not Statement 1 is false but statement 2 is true Statements 1 and 2 are true in the list of de minimis benefits under RR 8-2012, as amended, are: a. Treated as de minimis if the benefits are of relatively small value and are offered or furnished by the employer merely as 44: The amount of de minimis benefits conforming to the ceiling of de minimis benefits shall be: a means of promoting the health, goodwill, contentment, or a. Exempt from income tax, regardless of the rank of the efficiency of his employees. employee Treated as de minimis, regardless of the value, if such benefits Not be considered in determining the P90,000 ceiling of other are offered or furnished by the employer merely as a means of benefits excluded from the gross income under the Code, as promoting the health, goodwill, contentment, or efficiency of amended. his employees. Both "a" and "b" c. Not de minimis benefits because the list as provided in the d. Neither "a" nor "b" regulations are all inclusive. d. None of the above 45. The excess of the de minimis benefits over their respective ceilings prescribed under the regulations shall be 42. Reasonable business expenses which are paid for by the employer for a. Considered as part of other benefits subject to tax only on the the foreign travel of his employee to attend business meetings or excess over the P90,000 ceiling. conventions are not taxable as fringe benefits. Which is NOT true? Not be considered in determining the P82,000 ceiling of other Inland travel expenses (food, beverages, and local benefits excluded from the gross income under the Code, as transportation) except lodging cost in a hotel or similar amended. establishment amounting to an average of US$300 or less per Both "a" and "b" day, shall not be subject to a fringe benefit tax. d. Neither "a" nor "b" The cost of economy and business class airplane ticket shall not be subject to a fringe benefit tax. However, 30% of the 46. Minimun Wage Earners (MWEs) receiving "other benefits" exceeding cost of first class airline ticket shall be subject to a fringe the P90,000 limit shall be benefit tax. a. Taxable on the excess benefits only = The expenses should be supported by documents proving the Taxable on the excess benefits as well as his salaries, wages actual occurrences of the meetings or conventions, otherwise, and allowances, just like an employee receiving compensation they shall be treated taxable fringe benefit. income beyond the statutory minimum wage . a. I only Exempt from income tax b. I and ll only C. I , II and Ill d. None of the above d. None of the aboveChapter Exercises - Fringe Benefit Tax 22. In 2020, ABC Corporation gave the following fringe benefits to it Chapter Exercises - Fringe Benefit Tax employees P1,300,000 To managerial employees Special Rules on the Determination of the Monetary Value for Housing and Vehicle Benefits To rank and file employees 5,000,000 The allowable deduction from the gross income of the corporation 27. For purposes of the fringe benefit tax, the monetary value of a housing for the fringe benefits given to employees is benefit granted by employer to employee where the housing unit C. P6,320,000 provided for use by the employee as his usual place of residence is a. P2,000,000 owned by the employer. 6. P2, 148,000 d. P7,000,000 . The amount of depreciation for the housing unit. 50% of the annual value which is 5% of the fair market value 23. In 2020, ABC Corporation provided a 3-day vacation in Tagaytay to all or zonal value, whichever is higher. of its employees of which 80% are rank and file. Total expenses 50% of the amount of depreciation. Net book value incurred by the company for the said vacation amounted to P1,200,000. The fringe benefit tax expense is a. P470,588 C. P84,000 28. In 2020, Mabuhay Corporation paid for the annual rental of a b. P376,470 d. P129,231 residential house used by its general manager amounting to P637,500. The deductible amount of Mabuhay Corporation is a. P637,500 24. Using the above data, the total deductible expense is 6. P318,750 C. P468, 750 d. P809, 135 a. P1,294, 118 C. P1,284,000 b. P294, 118 d. P1,329,231 Use the following data for the next five questions: Included in the compensation package of an executive was the free use of Use the following data for the next two questions: the company's residential condominium unit in Makati City, Philippines. From a managerial employee for taxable year 2020: Data on the condominium unit for 2020 taxable year follows: Salaries and wages- net of the following P681,200 SSS and medicare contributions 12,000 Fair market value in the Real Property Declaration P1,000,000 tax withheld 134,800 Zonal value 2,000,000 Total fixed monthly allowance (P5,000/mo.) 60,000 Fair market value 2,500,000 Allowance, not subject to liquidation 48,000 Gasoline allowance, subject to liquidation 30,000 29. How much is the monetary value of the fringe benefit and the fringe 13th month pay 68,000 benefit tax, respectively? Christmas bonus 15,000 a. P4, 167; P2,244 C. P2,000,000; P705,832 b. P50,000; P26,923 d. P6, 127.45; P945, 177 25. The gross compensation income subject to graduated rate is a. P440,000 30. Assume the residential condominium unit was purchased by the C. P816,000 b. P681,200 company in installment for the executive's free use. Acquisition cost d. P876,000 exclusive of interest was P3,000,000. At what amount should the 26. The fringe benefit tax due from the above benefit is company report as the monthly monetary value of the fringe benefit a. P36,706 and the fringe benefit tax, respectively? C. P24,941 a. P4, 166.67; P1,961 C. P2,000,000; P705,832 b. P33,412 d. P25,846 b. P1,500,000; P326,400 d. P6,250; P3,365Chapter Exercises - Fringe Benefit Tax Chapter Exercises - Fringe Benefit Tax 14. The monetary value of fringe benefit if given in money is Fair market value (BIR) or zonal value whichever is higher Amount granted 1 . 18. Which of the following statements regarding fringe benefit is true? Depreciated value Expenses incurred by the employee but which are paid for or d. Acquisition cost plus other incidental costs reimbursed by the employer are taxable fringe benefits, EXCEPT when the expenditures are duly receipted for and in 15. Statement 1: if the employer did not withhold the fringe benefit tay the name of the employer and the expenditures do not partake and subsequently discovered and assessed by the BIR, the related the nature of a personal expense attributable to the employee. fringe benefit tax is not allowed as a deduction from the employer's Benefits given to the rank and file, whether granted under a collective bargaining agreement or not are subject to fringe benefit tax. gross income. Statement 2: Fringe benefit tax includes additional benefit granted by S the employer to the employees in addition.to the basic salary. The exemption of any fringe benefit from the fringe benefit tax shall NOT be interpreted to mean exemption from any other a. Statements 1 & 2 are false a. I only income tax unless the same is likewise exempt by law . Statement 1 is true but statement 2 is false Statement 1 is false but statement 2 is true b. I and Ill only C. I, and ll only d. All of the above d. Statements 1 and 2 are true 19. Fringe benefits NOT SUBJECT to fringe benefit tax include which of 16. Statement 1: The exemption of any fringe benefit from the fringe the following? benefit tax shall not be interpreted to mean exemption from any other Fringe benefits authorized and exempted from income tax income tax imposed under the Tax Code except if the same is likewise under the Code or under any special law. expressly exempt from any other income tax imposed under the Tax Contributions of the employer for the benefit of the employee Code or under any other existing law. to retirement, insurance, and hospitalization benefit plans. = Benefits given to the rank and file, whether granted under a Statement 2: If the fringe benefit is exempted from the fringe benefit collective bargaining agreement or not. > tax, the same may, however still form part of the employee's gross De minimis benefits. compensation income which is subject to income tax, hence, likewise a. I and ll only C. All of the above subject to withholding tax on compensation income payment. b. ll and Ill only d. None of the above a. Statements 1 & 2 are false b. Statement 1 is true but statement 2 is false 20. Which of the following shall be subject to fringe benefits tax? Statement 1 is false but statement 2 is true a. Housing privilege of Armed Forces of the Philippines Statements 1 and 2 are true Housing units situated inside or adjacent to business or factory (located within 30 meters from the perimeter of the business. Temporary housing for an employee who stays in the housing 17. Cost of life or health insurance and other non-life insurance premiums unit for 3 months or less. borne by the employer for his employee shall be treated as taxable Housing privilege of an alien employee of an offshore banking fringe benefit, except unit in the Philippines. a. Contributions of the employer for the benefit of the employee pursuant to provision of existing SSS and GSIS laws. Computation of FBT Cost of premiums borne by the employer for the group 21. How much is the allowable deduction from business income of a insurance of his employees. domestic corporation which granted and paid P97,500 fringe benefits Both " a" and "b". d. None of the above to its key officers in 2020? a. P150,000 C. P99,000 b. P100,000 d. 65,000Chapter Exercises - Fringe Benefit Tax P50,000 winnings from PCSO and Philippine lotto Chapter Exercises - Fringe Benefit Tax Prizes from S&R (P10,000), Gateway (P10,000), and Glorieta (P10,000) or a total of P30,000 10. Fringe benefit tax is computed based on the a. Monetary value of the fringe benefit 5. Which of the following is a fringe benefit not covered by the fringe Book value of the fringe benefit Grossed-up monetary value of the fringe benefit benefit tax Fair value of the fringe benefit a. De minimis benefit. b. Housing privileges granted to rank and file employees. C. Fringe benefits granted as a result of the nature of the 11. Which of the following statements regarding grossed-up monetary business, trade, or profession of the employer. value is correct? d. All of these. The grossed-up monetary value of the fringe benefit is simply employee. a figure meant to represent the entire income earned by the 6. The following earnings are subject to fringe benefit tax, except a. Salary of a rank and file employee The grossed-up monetary value includes the net amount of Housing necessary for trade and for the convenience of the money received, the net monetary value of any property received, and the amount of fringe benefit tax. employer S Food allowance for the convenience of the employer and The grossed-up monetary value of the fringe benefit is determined by dividing the monetary value of the fringe benefit necessary in the conduct of the business by 65% starting January 1, 2018. d. All of the above I only I and Il only 1 , II and Ill None of the above 7. The following are exempt fringe benefits, except for one a. Fringe benefits given to rank and file employee. 12. Which statement is wrong? The amount on which the fringe benefit tax b. Fringe benefit given for the convenience of the employee. rate is applied is: . When the fringe benefit is required by the nature of or a . The monetary value of the fringe benefit necessary to the trade, business or profession of the The grossed-up monetary value of fringe benefit employer. The amount deductible by the employer from his/its gross d. Rice benefit amounting to P1,500 a month. income Reflected in the books of accounts in the two accounts of 8. Which of the following benefits is not subject to the fringe benefits tax? "fringe benefit expense" and "fringe benefit tax expense" a. Contributions of the employer for the benefit of the employee to retirement, insurance and hospitalization benefit plans 13. If both the fringe benefit expense and the fringe benefit tax expense Housing are allowed as deductions from gross income of a corporation, the Expense account entry in the books of accounts is d. Vehicle of any kind a. Fringe benefit expense XXX Fringe benefit tax expense XXX Cash XXX 9. Statement 1: Household of the employee borne by the employer such as salaries of household help, personal driver and other similar Fringe benefit tax expense XXX Cash XXX personal expenses are taxable fringe benefits. C. Fringe benefit expense XXX Statement 2: A fringe benefit which is not subject to the fringe benefit XXX tax is returnable income of the employee. Fringe benefit tax expense Income constructively XXX a. Statements 1 & 2 are false Statement 1 is true but statement 2 is false received XXX Statement 1 is false but statement 2 is true Cash d. Statements 1 and 2 are true d. Any of the aboveChapter Exercises Fringe Benefit Tax 31. Assume the residential condominium unit was purchased by the company in installment, ownership of which will be transferred to the Chapter Exercises - Fringe Benefit Tax executive. Acquisition cost exclusive of interest was P3,000,000 with grossed-up monetary value of the fringe benefit and the fringe benefit zonal value determined at P5,000,000. At what amount should tha tax, respectively? company report as the monetary value of the fringe benefit and the a. P1,764,706; P564,706 b. P1,470,588; P470,588 C. P1,230,769; P430, 769 fringe benefit tax, respectively? C. P2,000,000; P705,832 d. P800,000; P256,000 a. P416,667; P196,078 b. P5,000,000;P2,692,308 d. P75,000; P35,294 36. Assume the employer purchases the car in installment in the name of the employee. At what amount should the employer report as the 32. Assume the residential condominium unit was purchased by the grossed-up monetary value of the fringe benefit and the fringe benefit tax, respectively? company in installment, ownership of which will be transferred to the a. P1,470,588; P470,588 executive. Acquisition cost exclusive of interest was P3,000,000 with a b. P1,000,000; P320,000 C. P130,000; P45,500 zonal value determined at P5,000,000. The employee is required to d. P200,000; 64,000 pay P2,000,000 to the employer before the transfer of ownership is DE MINIMIS BENEFITS made. At what amount should the company report as the monetary 37. Statement 1: De minimis benefits are Facilities or privileges furnished value of the fringe benefit and the fringe benefit tax, respectively? or offered by an employer to his employees that are of relatively small a. P3,000,000; P1,615,385 c. P250,000; P117,647.05 value and are offered or furnished by the employer merely as a means b. P1,500,000; P326,400 d. P6,250; P2,941.18 of promoting the health, goodwill, contentment, or efficiency of his employees. 33. Assume the residential condominium unit is located in Cebu and that Statement 2: De Minimis benefit given to rank and file employees or the executive is allowed to use the same for a period of three months to managerial or supervisory employees are not subject to final while he is completing an evaluation of the over-all performance of the withholding tax for fringe benefit and creditable withholding tax. Statements 1 & 2 are false company's Cebu branch. At what amount should the company report a. Statement 1 is true but statement 2 is false as the monetary value of the fringe benefit and the fringe benefit tax, Statement 1 is false but statement 2 is true respectively? d. Statements 1 and 2 are true a. P4, 1667.67; P1,961 c. P2,000,000; P705,832 b. P1,500,000; P326,400 d. PO; PO 38. Alpha Company grants grocery allowance of P5,000 per semester per employee payable every June 30 and December 31 based on the existing Comprehensive Agreement with its employees. The benefit Use the following data for the next five questions: granted is: Included in the compensation package of the Chief Accountant is a car a. Exempt from basic income tax but subject to 10% creditable plan worth P1,000,000. The ownership will be transferred in the name of withholding tax. the employee. Exempt from basic income tax and to creditable withholding 34. Assume the employer purchases the car in the name of the employee. tax At what amount should the employer report as the grossed-up c. Subject to fringe benefit tax if the recipient is a rank and file monetary value of the fringe benefit and the fringe benefit tax, employee respectively? d. Subject to fringe benefit tax if the recipient is a managerial a. P1,538,462; P538,462 C. P735,294; P235,294 employee 6. P1,000,000; P320,000 d. P500,000; P160,000 39. Fixed daily meal allowances granted employees are 35. Assume the employer provides P800,000 to the employee to purchase . Exempt from income tax any vehicle of his interest, Ownership of the car is placed in the name Subject to fringe benefit tax if the recipient is a rank and file of the employee. The employee purchased a brand new car worth employee P1,200,000. At what amount should the employer report as theChapter Exerc Benefit Tax P3.6. SPECIAL RULES IN COMPUTING THE MONETARY VALUE OF Chapter Exercises - Fringe Benefit Tax FRINGE BENEFITS 1. XYZ Co. leased a residential house for the use of its branch manager TRUE OR FALSE The rent per agreement was P165,000 per month. Write True if the statement is correct, otherwise, write False 82,580 " a. How much is the monetary value of the benefit for the month? 1. A fringe benefit is any goods, service or other benefits furnished or 44 423 08 b. How much is the fringe benefit tax for the month? granted by an employer in cash or in kind, including basic salaries to individual employees. A fringe benefit which is subject to the fringe benefit tax is taxable False 2. XYZ Company owns residential property which is assigned to its income of the employee. officer for use. The following data pertain to the residential property P5,000,000 A fringe benefit which is not subject to the fringe benefit tax is taxable income of the employee. Cost Fair market value per BIR 4,500,000 Fair market value per Assessor's 3,000,000 Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to a managerial or supervisory employee. True office Fringe benefit tax shall be treated as a final income tax on the a. How much is the monetary value of the benefit for the employee withheld and paid by the employer on a quarterly basis. True co quarter? 128,4125 The grossed-up monetary value of the fringe benefit is the actual amount received by the employee. b. How much is the fringe benefit tax for the quarter? False 7. The grossed-up monetary value of the fringe benefit shall be 3. Using the same data in' no. 2, and assuming that XYZ Company determined by dividing the monetary value of fringe benefit by the transferred the ownership of the residential property in the name of the grossed up monetary value factor. officer, answer the following: The person liable for fringe benefit tax is the employer, whether he is True a. How much is monetary value of the benefit ? 4, 500, 0JD an individual, professional partnership or a corporation regardless of b. How much is the fringe benefit tax? whether the corporation is taxable or not or the government and its 2 , 923 , 07 7 instrumentalities True 4. Chen Company purchased a motor vehicle for the use of its manager. . A managerial employee is one who is vested with powers of prerogatives to lay down and execute management policies and/or to The vehicle was registered in manager's name. The cost of the hire, transfer, suspend, lay-off, recall discharge, assign or discipline vehicle was P1,200,000 used partly for personal purposes and partly employees, or to effectively recommend such managerial actions. True for the benefit of the company. Compute the following a. Monetary value of the benefit 200 NUD 10. The grant of fringe benefits to the employee is exempt from tax if such b. Fringe benefit tax 6441 154 grant is required by the nature of, or necessary to the trade, business, Tine or profession of the employer. 5. Using the same data in no. 4 and assuming that Chen shouldered only 11. The amount on which the fringe benefit tax rate is applied is the a portion of the cost of the car in the amount of P800,000 and the monetary value of the fringe benefit. False balance paid by the manager, determine the following: 12. The amount on which the fringe benefit tax rate is applied is the a. Monetary value of the benefit 800,080 amount deductible by the employer from its gross income. True b. Fringe benefit tax 420 1 769 13. Grossed-up monetary value is reflected in the books of accounts as 6. Using the same data in no. 4 and assuming that Chen purchased the fringe benefit expense and fringe benefit tax expense following: car in the name of the manager on installment basis. Determine the 14. Failure to withhold the required tax on salary is collectible from the employer. 15. Failure to withhold the correct amount due to false information a. Monetary value of the benefit 240, But supplied by the employee shall be the liability of the employee. b. Fringe benefit tax 139/ 270Chapter Exercises - Fringe Benefit Tax Chapter Exercises - Fringe Benefit Tax (MODIFIED) IDENTIFICATION Determine whether or not the following is subject to fringe benefit tax Write A if the benefit is subject to fringe benefit tax, otherwise, write MULTIPLE CHOICE Assume further that the employee is holding supervisory or managerial Choose the letter of the correct answer. position unless stated otherwise. 1. Fringe benefit required by the nature of or necessary to trade or Principles Which of the following statements is correct? business of the employer. Fringe benefit for the convenience or advantage of the employer. The fringe benefit tax is a final withholding tax on the grossed- up monetary value of the fringe benefit granted by the Car plan for managerial employees. employer to an employee who holds a managerial or Daily meal allowance for managerial employees. supervisory position. Monetized unused vacation leave credits of private employees not S Fringe benefit tax is effective regardless of whether the exceeding 10 days. employer is an individual, professional partnership or a corporation (regardless of whether the corporation is taxable 6. Monetized unused vacation leave credits of government employees in or not). S excess of 10 days . The fringe benefit tax regulations cover only those fringe 7. Monetized value of sick leave credits not exceeding 10 days. benefits given or furnished to managerial or supervisory 8. Monetized value of sick leave credits of private employees in excess employees. The regulations do not cover those benefits which of 10 days . are part of compensation income, because these are subject Compensation income of supervisory and managerial employees. to creditable withholding tax on compensation in accordance 10. Housing units situated inside or adjacent to business or factory with RR No.2-98, as amended. (located within 50 meters from the perimeter of business). I only I, II and Ill and ll only None of the above 11. House benefits to the Chief Finance Officer of the company 12. Allowances received by supervisory and managerial employees not Statement 1: Fringe benefits are forms of incentives to employees. subject to liquidation. Statement 2: Fringe benefits include salaries, services, or other 13. Used by employee of aircraft (including helicopters) owned/maintained benefit given by employer to an individual employee. by the employer. Only statement 1 is correct Only statement 2 is correct 14. Cost of 1st class/business class airplane ticket for business travel or Both statements are correct convention abroad in excess of 70%. Both statements are not correct 15. De minimis benefits received by an executive of a company. 3. Which of the following statements regarding fringe benefit tax is 16. Educational assistance (Master of Science in Accountancy) granted to Fe, the Finance Manager of ABC Company. No written contract was wrong? a. Fringe benefit tax is imposed on the employee executed by Fe and ABC. The employer is the one liable for the payment of fringe benefit 17. Premiums borne by the employer for the group insurance of its employees tax 18. Contributions of the employer for the benefit of the employee to C . Both " a" and ""b" d. Neither "a" nor "b" retirement, insurance and hospitalization benefit plans. the company 19. Reimbursement of transportation expenses paid to a messenger of 4. This income of a resident alien holding managerial position is subject 20. Contributions made by an employer to SSS, GSIS and similar to basic tax Fringe benefit tax Interest income from Philippine currency deposit with Security contributions. contributions under existing laws in excess of what the law requires as BankChapter Exercises - Fringe Benefit Tax 47. The amount of P.90,000 under "other benefits" which are excluded Chapter Exercises - Fringe Benefit Tax from gross income shall Not be applicable to self-employed individuals. Not be applicable to income generated from the conduct of 51. Pedro, single, is a minimum wage earner of EDT Manufacturing Corporation. In addition to his basic minimum wage of P144,000 for 2020, he also received the following benefits: trade or business. Shall be applicable to all types of income De minimis. P60,000 (P20,000 over the ceiling) c. I , II and Ill 13th month pay and other benefits, P122,000 a. I only d. None of the above b. I and ll only Pedro's income tax due should be: a. P.20,000 48. "Other Benefits" under revenue regulations include b. P32,000 C. P52,000 Christmas bonus Productivity incentive bonus 52. Pedro, senior citizen, is a minimum wage earner of EDT Loyalty awards Gifts in cash or in kind and other benefits of similar nature Manufacturing Corporation. Pedro is also engaged in trading various consumer products every weekend. He derived profit therefrom actually received by officials and employees of both amounting to P500,000 for 2020 taxable year. In addition to his basic government and private offices minimum wage of P144,000 for 2020 taxable year, he likewise a. I only c. I , ll and Ill received the following additional benefits from his employer: b. I and Ill only d. 1 , II, Ill and IV De minimis, P40,000 (all within the ceiling) 13th month pay and other benefits, P35,000 49. Which of the following statements regarding thirteenth (13 ) month Pedro's taxable income should be: pay is correct? a. P644,000 a. Thirteenth (13") month pay and other benefits received by C. P500,000 b. P594,000 officials and employees of public and private entities are d. P350,000 exempt from income tax and creditable withholding tax on compensation, provided that the total exclusion shall not exceed P90,000. The excess of de minimis benefits over the ceiling would form part of an individual's gross income only if the total excess benefits including bonuses exceeds P90,000 and would be subject to income tax and applicable final withholding taxes . C. Statements "a" and "b" are correct d. Neither statement "a" nor "b" is correct 50. Pedro, single, is a minimum wage earner of EDT Manufacturing Corporation. In addition to his basic minimum wage of P144,000 for 2020 taxable year, he also received the following benefits: Holiday pay, P25,000 Overtime pay, 12,000 Night shift differential, 19,000 The income subject to tax should be: a. P56,000 C. P200,000 b. P31,000 d. nilChapter Exercises - Fringe Benefit Tax p3.2. In 2020, Garcia Realty Corporation paid P325,000 to Wilderness Resort, representing vacation expenses of Mike, an executive of Garcia Company. Answer the following ? Is this a taxable fringe benefit? yes nge b . How much is the tax base of the fringe benefit? Job, ovD Should the taxable fringe benefit be included in the returnable rrect income of Mike for the year? no How much is the fringe benefit tax collected? 175 , 0VO empt When is the fringe benefit tax remitted ? F . Assuming Mike is a rank and file employee, is the fringe benefit subject to fringe benefit tax? no P3.3. LJ is a resident citizen employed by Chris Sports, Incorporated. He received the following from his employer during 2020: Basic compensation income 13 month pay P900,000 934 PVO ,basic 75,000 P3,000 monthly transportation allowance 36,000 SProductivity incentive pay other Benefits Christmas bonus 10,000 25,000 Uniform allowance 75 K 16,000 Actual medical allowance 10,000 20 , Nub Rice subsidy 36,000 Required: Determine LJ's taxable net income 10, 070 12, 0UV P3.4. Assume the same data in P3.3 except that the productivity incentive pay amounted to P20,000. Required: Determine LJ's taxable net income 1.73 , 000 P3.5. A rank and file employee received the following compensation and benefits received during 2020: Basic compensation income P540,000 13" month pay 45,000 Mid-year bonus 22,500 540 40) Christmas gift 10,000 Uniform allowance 7,500 Actual medical allowance 15,000 Medical allowance to dependents 2,000 Rice subsidy 18,000 Monetized vacation leave for 12 days (P2,000/day) 24,000 Required: Determine the employee's taxable net income 540, CV0 22, 50 OK 170 5 K 4,000 89000 1500