Which of the following statement is correct? 1. Fringe benefit is a form of pay which may be in the form of property, services, cash or cash equivalent to supplement a stated pay for the performance of services under an employee-employer relationship. II. Fringe benefits subject to fringe benefit tax cover only those fringe benefits given or furnished to a managerial or supervisory employee. III. FBT is a final tax imposed on the employee withheld by the employer, computed based on the monetary value of the fringe benefit. IV. FBT is an income tax. Accordingly, the one liable under the law to pay the fringe benefit tax is the employee. V. Fringe benefits subject to FBT shall be included in the income tax return of the employee. O I, II and IV only O None of the above All of the above I and II only