Ms. ABC, a manager of XYZ receive the following fringe benefits, during thetaxable year Cash travel allowanceP34, 000FMV House and lot – ownership of real property is transferred to Ms.P 544, 000Car- ownership was transferred to Ms. ABCThe car has a 10 year EUL, but already 1 year in use at the date of transferP 680, 000The fringe benefit tax of Ms. ABC is:

Fringe benefits: These are a couple of benefits which are given to employees working in the entity…

Answered: Cash travel allowance FMV House and lot…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ms. ABC, a manager of XYZ receive the following fringe benefits, during the
taxable year

Cash travel allowance
P34, 000
FMV House and lot – ownership of real property is transferred to Ms.
P 544, 000
Car- ownership was transferred to Ms. ABC
The car has a 10 year EUL, but already 1 year in use at the date of transfer
P 680, 000
The fringe benefit tax of Ms. ABC is:

Definition Definition Benefits in addition to compensation that companies give to their employees. Fringe benefits can boost morale and productivity and keep employees motivated. Companies often use fringe benefits as a competitive advantage to recruit and retain employees. Examples of fringe benefits include pensions, vacation time, tuition reimbursement, free or subsidized meals, and gym memberships.

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