Fringe Benefits

Panigurado

100

On Jan. 1, 2000, what is the effective rate imposed on Fringe Benefits?

32%

200

Any benefit provided or deemed to be provided by reason of an employment or office.

Fringe Benefits

300

Give 3 examples of Fringe Benefits

• Housing.
• Expense account.
• Vehicles of any kind.
• Household personnel (e.g. maid, driver). 
• Expenses for foreign travel.
• Holiday and vacation expenses.
• Interest on a loan at less than the market rate (currently set at 12%).
• Membership fees, dues, and other expenses borne by the employer
• Educational assistance to the employee and dependants.
• Premiums for life insurance, health and other non-life insurance.

Play Safe

200

All employees holding neither managerial or supervisory position.

Rank and File Employees

300

The rate which is the complement of the fringe benefit tax rate. 

Gross Up Rate

400

What Article is the Basis of the definition of Fringe Benefit?

Article 4 (1)(b)

Ready sa Battle

300

In the procedures of Computing Fringe Benefits, what step states: "The gross up rate is computed by deducting the fringe benefit tax rate from 100%"?

Step 3

400

The fringe benefit tax is due for remittance _______ based on the accounting period (fiscal or calendar) selected by the employer. 

Quarterly

500

The taxable amount of benefits taken home or realized by the managerial or supervisory employee. Presumed net value of the final tax

Monetary Value

Guarded by Guardian Angel

300

Who can provide fringe benefits? Give two (2)

• Employer
• An associate of employer
• Third party under an arrangement with employer

400

is hereby imposed on the grossed-up monetary value of fringe benefit

Final Withholding Tax

500

They are exempted from taxation due to minimal value and infrequent nature.

Taxable de minimis benefits