a. P 4,500,000c. P 2,000,000b. P 3,600,000d. P 1,600,000*(P2,000,000 + 1,500,000)6.In July 2019, Naga purchased a P1,200,000 car for the use of its managerialemployee. Compute the monetary value to be reported respectively forthe calendar quarters ending September and December 2019.a. P 1,200,000; P 120,000c. P 120,000; P 120,000b. P 240,000; P 120,000d. P 30,000; P 30,000*(P1,200,000 X 20% X 50% /4)
7.Compute the fringe benefit tax if the employee is a resident citizen.a. P 564,706; P 56,471c. P 16,154; P 16,154b. P 112,941; P 56,471d. P 56,471; P 56,471* [(P1,200,000 X 20%)/4] X 50%) X 35/658.Maasin Carbon Plant acquired a P1,000,000-motor vehicle for the use of itsfield engineer, a plant supervisor, assigned to a very remote facility fromtown. Compute the monetary value of benefits subject to tax.a. P1,000,000c. P 100,000b. P 200,000d. P 0*(Convenience ofthe employer.)9.Dexter acquired a car for P1,200,000 and transferred ownership to itssupervisory employee for P400,000. The car shall be used partly in theemployer's business. Compute the monetary value.a. P 80,000c. P 800,000b. P 240,000d. P 1,200,000MULTIPLE CHOICE—Problems: Part 31.Dog Company made the following payments in the first quarter of 2019:Fringe benefits:•To the supermarket in payment for groceries of the company's managerand family–P16,000•To a university in payment for the tuition fee of the manager–P24,750•Salary of the manager, net of P50,000 withholding tax–P350,000Determine the fringe benefit tax due.a. P 19,412c. P 21,942b. P 19,176d. P 184,118*(P16,000+P24,750) X 35%/65%
2.Ormoc International acquired the following for the use of its executiveofficers:Bell 206 helicopterP 23,000,000Elling E3 Executive (seagoing motor yacht)16,400,000Compute the monetary value.a. P 39,400,000c. P 1,640,000b. P 16,400,000d. P 410,000*(P16,400,000/20 X ½)3.Lila Corporation paid the following fringe benefits during the calendarquarter to its managerial employee:Salaries of household helpP 10,000/monthSalaries of personal security guardP 15,000/monthPersonal driverP 15,000/monthAnnual home owner's association duesP 4,000Garbage duesP 100/weekCompute the quarterly monetary value.a. P 122,200c. P 121,200b. P 125,200d. P 44,100* (P10,000 + P15,000 + P15,000) x 3 months + P4,000 + P100 x 4 weeks x 3months4.Tolosa Company paid or furnished the following in behalf of a supervisoryemployee for the quarter ended March 2016:Membership dues in golf courseP10,000One-year P200,000 interest free loan due December 2016Free vacation sponsored by Tolosa12,000Compute the monetary value.a. P 46,000c. P 22,000b. P 32,000d. P 28,000*(P10,000 + P200,000 x 12% x 3/12 + P12,000)
5.During the last calendar quarter of 2019, Naval Company granted a Filipinosupervisory employee the following benefits:SalariesP120,000Performance bonus20,00013th month pay40,000Excess de minimis12,000Cash price of car given to supervisory employee300,000Compute the fringe benefit tax.a. P 168,000c. P 146,824b. P 151,529d. P 141,176* (P12,000 + P300,000) x 35%/65%6.Logan paid the P27,200 monthly rental of the residence of its managerialemployee from January to May of 2019. Compute the fringe benefit tax forthe first quarter and second quarter of 2019.a. P 6,400; P 6,400c. P 19,200; P 12,800b. P 12,800; P 8,533d. P 21,969; P 7,323*(P27,200 x 3 x 50%) x 35%/65% and*(P27,200 x 2 x 50%) x 35%/65%**Nearest answer. The actual answer is (P21,969; P14,646).
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