Rowans employer offers the option to use the cents-per-mile rule instead of the leasevalue rule for 2022.
Question:
Rowan’s employer offers the option to use the cents-per-mile rule instead of the leasevalue rule for 2022. Which method will yield the lower gross income for Rowan?
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(1) Automobile FMV $0 to 999... 1,000 to 1,999.. 2,000 to 2,999.. 3,000 to 3,999... 4,000 to 4,999... 5,000 to 5,999.. 6,000 to 6,999.. 7,000 to 7,999... 8,000 to 8,999... 9,000 to 9,999... 10,000 to 10,999 11,000 to 11,999 12,000 to 12,999 13,000 to 13,999 14,000 to 14,999 15,000 to 15,999 16,000 to 16,999 17,000 to 17,999 18,000 to 18,999 19,000 to 19,999 20,000 to 20,999. 21,000 to 21,999. 22,000 to 22,999 23,000 to 23,999 (2) Annual Lease $ 600 850 1,100 1,350 1,600 1,850 2,100 2,350 2,600 2,850 3,100 3,350 3,600 3,850 4,100 4,350 4,600 4,850 5,100 5,350 5,600 5,850 6,100 6,350
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ANSWER The cents per mile rule will yield the lower gross income for Row an This is because ...View the full answer
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Related Book For
Payroll Accounting 2023
ISBN: 9781264415618
9th Edition
Authors: Jeanette M. Landin, Paulette Schirmer
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