1. Which is statement is wrong about the fringe benefittaxisA. withheld at source B. Imposed on the employer C. Imposed on the employee D. Deductible by theemployer
2. Which statement is wrong about the amount on whichthe fringebenefittaxrateisappliedisA. The monetaryvalueof the fringebenefitB. The grossed -up monetary valueof the fringebenefitC. The amount deductibleby the employerfrom his /itsgross income D. Reflected in the books in the two accounts of fringe benefits and tax.
3. Means all employeeswho areholdingneithermanagerialnor supervisoryposition A. Officers B. Managerial employees C. Supervisory employees D. Rank-and -file employees
4. Which is true about monetary value of motor vehicle taxable as fringe benefit A. The use of aircraft(including helicopters) ownedand maintained bytheemployershall be treatedas for businessuseand notbe subjectto the fringebenefitstax.B. If the employerowns and maintains a fleetof motorvehiclefor the useof thebusinessand employees, themonetaryvalueof thebenefitis theacquisition costof all the motor vehicles not normally used for sales , freight , delivery , service and other non-personal use divided by 5 years multiplied by 50%. C. If the employer leases and maintainsa fleetof motorvehiclefor useof thebusiness and employees, the monetary value of the benefitis the amountof therentalpaymentformotor vehiclesnot normallyused for sales, freight , delivery ,serviceand othernon-personalusemultipliedby 50 % D. The use of yachtwhetherowned and maintainedor leasesby theemployershall be treatedas taxablefringe benefitmonetaryvalueof whichshall be basedon thedepreciation of yacht at an estimatedusefullifeof 20 years. E. All of the above. F. None of theabove