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

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

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 17DQ

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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
Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. 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
27. Which of the following is TRUE in fringe benefits tax? If the foreign travel is a business travel A. The cost of plane is exempted from FBT B. The traveling expenses are exempted from FBT C. Proof of expenses is required in all cases D. The cost of lodging is subject to FBT if it's expensive 28. Which is FALSE in fringe benefits tax? S1 - Generally, fringe benefits are subject to fringe benefits if given to managerial employees S2 - Fringe benefits when given to rank-and- file are exempted from fringe benefits tax 53 - The employer is the person statutorily liable to pay the fringe benefits tax 54 - The basis of the fringe benefits tax is the monetary value of the fringe benefits A. S1 B. S2 C. S3 D. S4 29. Which of the following is FALSE? Income (is / are): A. All wealth which flows to the taxpayer B. An amount of money coming to a person or corporation within a specified time, whether as payment for services, interest or profit from investment C. Flow of service rendered by…
The following information pertains to X's defined benefit pension plan: Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets P2,000 19,000 38,000 22,000 52,000 40,000 Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,000
Which of the following statements concerning a group carve-out plan is (are) correct? 1).The coverage is available on a discriminatory basis. 2).The employer deducts the premium cost, which is not taxable income for the employee. 3).A double bonus plan can overcome the executive’s dislike of the taxation of the policy premium. 2 only. 1 and 3. 2 and 3. 1, 2, and 3.
. 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
Question 2 The more dependents that are claimed, the less tax is withheld from an employee's paycheck. True False
2. Please give two examples of withholdings from employees' pay and explain whether your selected withholdings are considered required or voluntary.
Which of the following is a fringe benefit that employers can discriminate among employees? Question 48 Select one: a. Health and accident insurance. b. Qualified employee discount. c. Employee educational assistance. d. None of the above.
Which of the following is not an approach to financing employee benefits? Select one: a. Noncontributory b. Employee-financed c. Contributory d. Voluntary
Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits