discuss the importance of fringe benefits tax
1. discuss the importance of fringe benefits tax
Answer:
Fringe benefits attract the employees as the employer and help share their expenses in employee retention. ... The benefits extended to the employees are nor entirely tax-free for the company. Some benefits are still taxable to the company, and some listed in 401(k) are subject to deferred tax.
Answer:
For employers, fringe benefits translate into happier and more productive employees, and a better reputation among employees who may be considering working for the firm. For employees, fringe benefits can translate into substantial cost savings, more cash for retirement, and even healthier diets and lifestyles.Explanation:
#CarryOnLearning2. why did the tax authority proposed fringe benefit tax?
Answer:
blg tax that completeauthority
Explanation:
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Answer:
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3. why should fringe benefits be subject to tax?
Answer:
Fringe benefits are perks and additions to normal compensation that companies give their employees, such as life insurance, tuition assistance, or employee discounts. If a fringe benefit is transferred as cash, such as a bonus or reimbursement for travel or other expenses, they are likely to be subject to income tax.
Explanation:
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4. In response to Covid-19,what are most current taxdevelopment in thePhilippines. Have you/been benefitted from thisdevelopment?
Answer:
no, because you can't do more job to do so you cant have moneyStep-by-step explanation:
brainliest answer po pls5. Expalanation of tax advantages of benefits?
Answer:
The term "tax benefit" generally refers to any tax law that provides you with an opportunity to reduce your tax bill when you satisfy certain eligibility requirements. A tax benefit comes in different forms, such as a deduction, exclusion or credit
6. illustrate the applicable income tax for fringe benefit received by rank and file and managerial employees
Answer:
1.) Fringe benefits to rank-and-file employees are not taxable with fringe benefit tax, but instead are taxable as compensation income subject.
Explanation:
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7. benefits of certificate of tax exemption
Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios.
8. Who should benefit taxes? Why?
Answer:
The money you pay in taxes goes to many places. In addition to paying the salaries of government workers, your tax dollars also help to support common resources, such as police and firefighters. Tax money helps to ensure the roads you travel on are safe and well-maintained. Taxes fund public libraries and parks.
Explanation:
9. Passing the scholarship examination, anya received p92500 as educational from gev foundation wherein his father works as the vp for finance. how much is the fringe benefit tax pdfcoffee
Answer:? 203
Explanation:
Answer:
210__________________
10. Example of tax advantages of benefits
Answer:
Municipal bonds, for example, are exempt from federal taxes, and state taxes if aligned with the state in which the bondholder lives. Other tax-advantaged investments may include tax-free savings accounts, municipal mutual funds or exchange-traded funds, and some life insurance policies.
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11. why do you think companies give Fringe benefits to employees?
One of the main reasons you should consider fringe benefits as an employer is the fact that it can help improve your employee's experience at work. Fringe benefits have been proven to alleviate some of the most common causes of stress among employees, such as health care and financial security.
12. is fringe benefits and incentives the same
Answer:
Fringe benefits are non monetary incentive to motivate employees apart from normal salary. Good fringe benefits attract fresh talent people to the organization. The fringe benefits are more popular among the business right now. Compare to monetary terms most of the fringe benefits are inexpensive.
Explanation:
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13. Explain the fringe benefits
Answer:
Fringe benefits are additions to compensation that companies give their employees. ... Some benefits are awarded to compensate employees for costs related to their work while others are geared to general job satisfaction.
14. The grossed-up monetary value of the fringe benefit is the actual amount received by the employee
Answer:
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15. 1. what are other fringe benefits that an employee can avail in a company?2. Cite an example and discuss it
Answer:
What Are Fringe Benefits Examples. Some of the most common examples of fringe benefits are health insurance, workers' compensation, retirement plans, and family and medical leave
Explanation:
I hope it helps
16. What factors have contributed to the growth of fringe benefits?
Answer: 'Fringe benefits' are defined as any goods, services, or other benefits furnished or granted in cash or in kind by an employer to an individual employee, except rank and file employees, such as, but not limited to, the following: Housing. Expense account. Vehicles of any kind.
17. why do employers give fringe benefits in addition to it's employees basic compensation
Answer:
To attract and keep their best employees, companies provide a “package” that includes compensation (money), incentives (special perks or rewards for good work), and benefits (valuable options such as health insurance and paid vacation).
18. What is your opinion of the present fringe benefits for employees? Do you think the companies are becoming too liberal in the grant of these benefits?
Fringe benefit, any nonwage payment or benefit (e.g., pension plans, profit-sharing programs, vacation pay, and company-paid life, health, and unemployment insurance programs) granted to employees by employers. It may be required by law, granted unilaterally by employers, or obtained through collective bargaining. Employers’ payments for fringe benefits are included in employee-compensation costs and therefore are not usually liable to corporate income tax. If the cost of fringe benefits were paid directly as wages, workers would pay personal income tax on this amount and therefore have less to spend on such benefits as they might elect to furnish for themselves. Thus, with the same amount of money, employers can obtain more benefits for employees and can also take advantage of lower group rates for insurance.
19. Statement 1: the grossing-up of fringe benefits was adopted in order to align the tax treatment of fringe benefits with salaries and wages statement 2: the grossed-up monetary value of the fringe benefit includes the net amount of money received or the net monetary value of any property received and the amount of fringe benefit tax
Answer:
True, it have a great point as well the Statement was briefly explained.
Explanation:
Although, it would've been better if there's a given facts as well evidence to support and strengthen your Statement for Instance, you may show some data or reports that would act as your counter evidence
20. if you are a legislator, would you tax the fringe benefits?
Answer: Fringe benefits are additions to compensation that companies give their employees. Some fringe benefits are given universally to all employees of a company while others may be offered only to those at executive levels. Some benefits are awarded to compensate employees for costs related to their work while others are geared to general job satisfaction.
In any case, employers use fringe benefits to help them recruit, motivate, and keep high-quality people.
Explanation:
21. The value of a fringe benefit is p100, 000. the monetary value is p50, 000. if the managerial employee is a resident alien, how much is the fringe benefit tax on the foregoing amount?
150
Explanation:
it is equal of 150 ,in my own opinion
22. X corporation bought a condominium unit for p6,000,000. the fair market value of the property per tax declaration is p6,800,000 while the zonal value is p6,500,000. it was transferred in the name of mr. a, one of the executives, for a lower consideration amounting to p5,800,000. how much is the fringe benefit tax
Answer:
25,100
Step-by-step explanation:
6000
6800
6500
+
5800=
25,100
23. Considering the cost of granting fringe benefits, do you think firms are justified in granting these benefits? Why?
FRINGE BENEFIT
Yes. Even a fringe benefit is an expenses on the part of the company, its cost is still worth it for it will inspire the employees because it creates happiness and satisfaction to them, and if they will become happy and satisfied which leads to productivity. It will also retain high quality people in the organization. Retention served through giving employee extra benefits for their long service with the organization. Little things can make a big difference for the employees. By giving them fun perks there work becomes more enjoyable and it feels like less of burden. When employees are happy, healthy and engage they are willing to give their time and they become more productive.
What is the importance of employee productivity?
brainly.ph/question/16865330
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24. the receipt of benefits of taxes
Answer:
The Benefits Received Principle, which is a theory of income tax fairness that says people should pay taxes based on the benefits they receive from the government.
Explanation:
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Answer:
The benefits received rule argues that those who receive the greatest benefit from the government, either directly or indirectly, should pay the most taxes, in principle of fairness. Rather than applying such a rule in the U.S., taxes are largely paid based on a progressive income tax system
25. What is Tax Benefits explain
Answer:
baka mga babayarin o maaring mangyari
Explanation:
sorry di ko paitagalog
Answer:
The term tax benefit refers to a tax law that helps taxpayers reduce their tax liabilities. Tax benefits are often created as a type of incentive for promoting responsible behaviors or commercial activities. These benefits range from deductions to tax credits to exclusions and exemptions. Benefits can cover a variety of areas, such as programs for families, education, employees, and natural disasters. Tax benefits are created through tax regulation, which is determined by federal, state, and local governments.
Explanation:
The term tax benefit refers to a tax law that helps taxpayers reduce their tax liabilities. Tax benefits are often created as a type of incentive for promoting responsible behaviors or commercial activities. These benefits range from deductions to tax credits to exclusions and exemptions. Benefits can cover a variety of areas, such as programs for families, education, employees, and natural disasters. Tax benefits are created through tax regulation, which is determined by federal, state, and local governments.
26. WHAT ARE THE TYPES OF FRINGE BENEFIT? THEN EXPLAIN EACH TYPE.
Answer:
EMPLOYEE STOCK OPINIONS
Explanation:
the term employee stock opinion (ESO) refers to a tipe of equity compersation granted by companies to their employees and excutives.
27. who benefits when taxes collected
Answer:
Government (They used it for budgeting for such school, health, built infrastructure)
28. Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was registered under the executive’s name despite the agreemnt that it should be used partly for the company’s benefit. How much is the fringe benefits tax?.
Answer:
dapat Ikaw Ang gumawa niyan
29. discuss at least three objective of fringe benefits
Answer:
To create and improve sound industrial relations
To motivate the employees .To protect health of the employee and safety to the employees against threats such as accident and occupational disease. To promote employee welfare.
Explanation:
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30. Who should benefit from taxes?
If all income earners will pay the right amount of tax, the government can collect more money to support its objectives such as building roads, schools, better government salaries and improve government services. These factors can help attracting more investors and jobs in the Philippines.
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Answer:
Government workers
Explanation:
just my opinion
