1.FRINGE BENEFITS (FB) -ANY GOOD, SERVICE OR OTHER BENEFIT FURNISHED OR GRANTED BY AN EMPLOYER, IN CASH OR IN KIND, IN ADDITION TO BASIC SALARIES, TO AN INDIVIDUAL EMPLOYEE 2. FRINGE BENEFIT TAX (FBT) -IT IS A MONETARY BURDEN IMPOSED BY THE SOVEREIGNTY ON ANY GOOD, SERVICE OR OTHER BENEFIT FURNISHED OR GRANTED BY AN EMPLOYER, IN CASH OR IN KIND, IN ADDITION TO BASIC SALARIES, TO AN INDIVIDUAL EMPLOYEE OTHER THAN A RANK AND FILE EMPLOYEE ; FBT IS A FINAL TAX ON THE EMPLOYEES INCOME TO BE W/HELD BY THE EMPLOYER 3. GROSSED-UP MONETARY VALUE (GMV) -REPRESENTS THE WHOLE AMOUNT REALIZED BYTHE EMPLOYEE AND THE AMOUNT OF FBT DUE FROM EMPLOYEE W/C HAS BEEN W/HLD AND PAID BY THE EMPLOYER FOR AND IN BEHALF OF HIS EMPLOYEE 4. RANK AND FILE EMPLOYEE -AN EMPLOYEE WHO IS HOLDING NEITHER MANAGERIAL NOR SUPERVISORY POSITION 5. MANAGERIAL EMPLOYEE -ONE WHO IS VESTED WITH POWERS OR PREROGATIVES TO LAY DOWN AND EXECUTE MANAGEMENT POLICIES AND/OR TO HIRE, TRANSFER, SUSPEND, LAY OFF, RECALL, DISCHARGE, ASSIGN OR DISCIPLINE EMPLOYEES 6. SUPERVISORY EMPLOYEE -ONE WHO, IN THE INTEREST OF THE EMPLOYER, EFFECTIVELY RECOMMEND SUCH MANAGERIAL ACTIONS IF THE EXERCISE OF SUCH AUTHORITY IS NOT MERELY ROUTINELY OR CLERICAL IN NATURE BUT REQUIRES THE USE OF INDEPENDENT JUDGEMENT 7.DE MINIMIS BENEFITS
-THESE ARE FACILITIES OR PRIVILEGES FURNISHED OR OFFERED BYT AN
EMPLOYER TO HIS EMPLOYEES THAT ARE OF RELATIVELY SMALL IN VALUE; THESE ARE OFFERED AS A MEANS OF PROMOTING THE HEALTH, GOODWILL, CONTENTMENT OR EFFICIENCY OF HIS EMPLOYEES