Salman Khan Old Hits Download. Read our post that discuss about Income Taxation Answer Key 6th Edition By Valencia Chapter 4, We provide excellent essay. View Answer key_ch8INCOME TAXATION 6TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS Chapter 8: Deductions from Gross Income CHAPTER 8 DEDUCTIONS FROM GROSS INCOME.

Income Taxation 6th Edition by Valencia- Chapter 6 • 1. Cash INCOME TAXATION 5TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS 46 Chapter 6: Fringe Benefits Tax CHAPTER 6 FRINGE BENEFITS TAX Problem 6 – 1 TRUE OR FALSE 1.

False – FBT is a final tax of the employee. However, this is the liability of the employer to withhold the final tax of 32% 2. False – Some housing fringe benefit is not subject to income tax. Temporary housing for three months or housing benefit under the employer’s benefit rule. True, also FB is also a form of incentives to rank-in-file employees.

False – These are benefits other than salaries and also given to rank-in-file employees. False – Wage and salaries are not subject to reduction once given regardless of the financial condition of the employer. False – The corporate income tax rate is 30% as of 2012, while the fringe benefit tax remains at final tax rate of 32%.

True, unless these are among the de minimis Problem 6 – 2 TRUE OR FALSE 1. False – De minimis are also fringe benefits in small amount but not subject to FBT. False – Fringe benefits given to rank-in-file, except those which are among the de minimis and those given for employer’s convenience, are not subject to FBT but subject to compensation income tax. False – P750/semester is the ceiling for exempt medical allowance 6. False- the exempt meal allowance must be related in the rendering of overtime work to be considered de minimis.

False – A travel required by the company to its officer is not subject to FBT because by its nature a travelling expense. False – Scholarship grants to employees not related to business is taxable. False – These are among those exempted from fringe benefit tax. • 47 Cash INCOME TAXATION 5TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS Chapter 6: Fringe Benefits Tax Problem 6-3 1. D Problem 6-4 1. A – Yes, also if received by supervisor 2.

A – only P5,000 is taxable the excess of P10,000. D Problem 6 – 5 Not in the choices = P51,000 Net income (P300,000/30%) Add: FB charged to miscellaneous expense Taxable net income Multiplied by corporate tax rate Income tax due Less: Income tax already paid Additional tax to be paid P1,000,000 170,000 P1,170,000 30% P 351,000 300,000 P 51,000 The fringe benefits of rank-in-file employee are subject to regular withholding tax on wages, [Sec. 24 (A), NIRC]. There is no grossed-up monetary value involved. If the BIR uncover the concealment resulting to the nonpayment of withholding tax, the fringe benefits shall be disallowed as deductible expense.

34 (A)(1ai), NIRC] Problem 6 – 6 C Fringe benefit tax (P102,000/68%) x 32% Income tax: Net income before tax (P1,750,000/70%) Add: Fringe benefits charge to miscellaneous expense Total Multiplied by corporate income tax rate Corporate income tax Less: Income tax already paid (P2,500,000 – P1,750,000) Tax recovered by the government P48,000 P2,500,000 102,000 P2,602,000 30% P 780,600 750,000 30,600 P78,600 Note: The fringe benefit tax expense is not deductible because the related withholding tax was not withheld and paid until the tax evasion was discovered by the BIR. Problem 6 – 7 • 48 Cash INCOME TAXATION 5TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS Chapter 6: Fringe Benefits Tax Correction: Should be - The car ownership was transferred to Mr. Letter B Cash House and lot – FMV, higher (ownership transferred) Car – ownership transferred (P680,000 x 9/10) Monetary value of fringe benefits Letter C Grossed-up monetary value (P1,190,000/68%) Problem 6 – 8 1. Letter C Monetary value of FB (P80,000/32%) x 68% 2.

Letter B Grossed-up monetary value (P80,000/32%) Letter D A fringe benefit tax is not an income tax of employer. P 34,000 544,000 612,000 P1,190,,000 P1,750,000 P170,000 P250,000 3.

Problem 6 – 9 C Meal benefits (P10,200 x 6 months) Educational assistance (P13,600 x 6 months) Fringe benefits subject to FBT P - 0 - P 61,200 81,600 P142,800 Salaries are subject to normal tax. The fringe benefits subject to FBT shall only start from the time Mr. Rojas was promoted to managerial level. His fringe benefits prior to his promotion should be subject to normal tax. Problem 6 – 10 B Deductible from business income (P136,000/68%) P 200,000 Problem 6 – 11 A None, because fringe benefit tax is a final tax and no deduction is allowed from gross compensation income except personal exemptions and health or hospitalization insurance actually paid if the family income does not exceed P250,000.

Mayan Prophecy Team Keygen Photoshop. Problem 6 – 12 D Zero. No Fringe benefit tax is to be imposed on fringe benefit of rank-in-file employee. Estrada is a company messenger. His fringe benefit is subject to withholding tax on wages. Problem 6 – 13 • 49 Cash INCOME TAXATION 5TH Edition (BY: VALENCIA & ROXAS) SUGGESTED ANSWERS Chapter 6: Fringe Benefits Tax 1. Letter A Grossed-up monetary value (P6,000,000 x 5% x 50%)/68% Multiplied by FBT rate Fringe benefit tax 2.

P220,588 32% P 70,588 Letter B Down payment Present value of 4 installments (P1,000,000 x 3.037) Total GMV (P5,037,000 x 5% x 50%)/68% Multiplied by FBT rate Fringe benefit tax Problem 6 – 14 D FB Expense is equal to GMV (P2,000,000 x 5% x 50%)/68% Problem 6 – 15 B Acquisition cost = fair market value (higher than zonal value) Monthly fringe benefit [(P2,040,000 x 5% x 50%)/12]/68% Problem 6 – 16 P2,000,000 3,037,000 P5,037,000 P185,183 32% P 59,258 P73,529 P2,040,000 P 6,250 A Zero. Jean’s used of the condominium is not for her benefit but for the benefit of B Corporation as the former conducts investigation for inventory fraud.

Problem 6 – 17 A Discounted price of the cars (P1,000,000 x 95% x 50) Add: Transportation, insurance and testing cost Total acquisition cost Acquisition cost assigned to officers [(P48,000,000/50) x 10] Monetary value of 10 cars [(P9,600,000/5) x 50%] Divided by number of officers to received the cars Monetary value of fringe benefit of each officer [Sec. 2.33 (B), Rev.

3-98] Problem 6 – 18 1 Letter A. Grossed-up monetary value [(P1,000,000/5) x 50%] /68% Multiplied by FBT rate Fringe benefit tax 2.

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