TRUE OR FALSE: If the statement is FALSE, EXPLAIN why it is so.

5. Fringe benefit tax shall be treated as a final income tax on the employee withheld and paid by the employer on a quarterly basis. 6. The grossed-up monetary value of the fringe benefit is the actual amount received by the employee. 7. The grossed-up monetary value of the fringe benefit shall be determined by dividing the monetary value of fringe benefit by the grossed up monetary value factor. 8. The person liable for fringe benefit tax is the employer, whether he is an individual, professional partnership or a corporation regardless of whether the corporation is taxable or not or the government and its instrumentalities