The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax. c) Employees do not need to file income tax returns to report the fringe benefit. d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.
The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax. c) Employees do not need to file income tax returns to report the fringe benefit. d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.
Chapter15: Taxing Business Income
Section: Chapter Questions
Problem 3BCRQ
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Which is not correct?
a) The fringe benefit tax by nature is a final tax.
b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax.
c) Employees do not need to file income tax returns to report the fringe benefit.
d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.
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