28. S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other form of income tax. S2: Any amount given by the employer as de minimis to its employees, shall not constitute as deduction upon such employer. Group of answer choices c. Both are true b. Only S2 is true a. Only S1 is true d. Both are false

28. S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other form of income tax. S2: Any amount given by the employer as de minimis to its employees, shall not constitute as deduction upon such employer. Group of answer choices c. Both are true b. Only S2 is true a. Only S1 is true d. Both are false

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter13: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 11DQ

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8. S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other form of income tax. S2: Any amount given by the employer as de minimis to its employees, shall not constitute as deduction upon such employer. Group of answer choices a. Only S1 is true c. Both are true d. Both are false b. Only S2 is true
S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices a. S2 is true b. S1 is true c. Both are false d. Both are true
Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
7 S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices Both are true S1 is true S2 is true Both are false
. If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conducted
6. Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the employer in behalf of the employee C. Fringe benefit required by the nature of or necessary to trade business or profession of the employer D. Those granted for the convenience of the employer
FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as an expense. 11. 12. True False
5. Which of the following deductions are not levied on the employer? a. Income taxes withheld. b. SSS premiums. c. Medicare contributions. d. none of the given.
Question 4: Employees are either subject to both federal and state income tax withholding or to neither of these. Answer: А. O True В. False
26. Which is FALSE? S1 – All income is taxable. S2 – All exclusions from gross income are exempted. S3 – All passive income subjected to final tax are not items of gross income S4 – All income exempted by law or treaty are exempted from income tax Group of answer choices a. S1 c. S3 d. S4 b. S2
Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities
1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws. Salary Gross compensation Net compensation Any of the above 2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation. Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true 3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…