8 This Year 2020 Bob, an employee was provided by his employer the following company automobile for 12 months Employer paid $10,000 for the automobile Bob, drove 10,000KM in total 80 of the KM was for personal use and 20 of the Auto KM driven this year, was for employment use Hint Please apply 28 cents per KM for personal use KM Please choose the most accurate answer Bob's Total Auto Standby Benefit ONLY, ( do not include Operating Benefit ), this year is, $2,400 and he does not qualify for the auto standby benefit reduction Bob's Total Auto Standby Benefit ONLY, ( do not include Operating Benefit ), this year is, $2,400 and he does qualify for the auto standby benefit reduction Bob's Total Auto Standby Benefit ONLY, ( do not include Operating Benefit ), this year is, $1,000 and he does not qualify for the auto standby benefit reduction Bob's Total Auto Standby Benefit ONLY, ( do not include Operating Benefit ), this year is, $4,640 and he does not qualify for the auto standby benefit reduction

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 16, 2024

8. This Year:2020

Bob, an employee was provided by his employer the following company automobile for 12 months:

Employer paid $10,000 for the automobile

Bob, drove 10,000KM in total. 80% of the KM was for personal use. and 20% of the Auto KM driven this year, was for employment use.

Hint: Please apply 28 cents per KM. for personal use KM.

Please choose the most accurate answer?

		Bob's Total Auto Standby Benefit ONLY, (do not include Operating Benefit), this year is, $2,400 and he does not qualify for the auto standby benefit reduction
		Bob's Total Auto Standby Benefit ONLY, (do not include Operating Benefit), this year is, $2,400 and he does qualify for the auto standby benefit reduction
		Bob's Total Auto Standby Benefit ONLY, (do not include Operating Benefit), this year is, $1,000 and he does not qualify for the auto standby benefit reduction
		Bob's Total Auto Standby Benefit ONLY, (do not include Operating Benefit), this year is, $4,640 and he does not qualify for the auto standby benefit reduction