Answered: Is it right that she needs not to worry…

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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Question

Jumping with joy, you were the first one which Jackie shared her good news. She was just promoted as the Production Supervisor in her company. You then tell her that she is now subject to Fringe Benefit Tax. She just shrugs off the idea given the level

Is it right that she needs not to worry on her exposure on said tax?

A. No, as it might be an additional withholding on her compensation benefits.

B. Yes, as the economic taxpayer of said tax is the employer.

C. No, as she will be paying higher tax rates on benefits covered by said tax.

D. Yes, as she deserves to celebrate for the meantime.

of ecstasy she is feeling.

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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