accounts payroll
F G H 1 J K L M N o Q R B D E Auto Benefit: the employee is driving company's car for the business and also for his personal life 135 140 Availability 130 30 4.33 Availability 4.5 Availability 4.67 30 30 4 mth 4 mth 5 mth Company's car company purchased car----car owner is the company or employer Company leaseed car Km Business usage Personal usage Total milage 6,000 4000 10,000 60% 40% Km Km Examples: Terrace lake development Co. in Ontario provides Oliver Trahan with a company-owned automobile that is available for him 365 days a year. At the end of the current year, Oliver provided the company with the following info: (Purchase price for the car is $24,200, plus $3,146 HST) Business milage Personal milage Total milage 48,000 km 10,000 km 58,000 km 83% 17% 365 12 mth 30 Standby cost Step1 Standby cost = 2% * (24,200+3,146)*12 mth= 2%*$27,346*12= $6563.04 Standby cost Reduced standby cost Step2 If we can reduce the step1 benefit or not, it will depend on the milage the car is used more than 50% of the time for the business purpose, and the km for personal use do not exceed 1,667 per 30-day period, for a total of 20,004 km per year Reduced Standby Full standby cost Personal Km (do not exceed denominator) 1667 km per available month CEDAR F G H 1 J K L M N o Q R B D E Auto Benefit: the employee is driving company's car for the business and also for his personal life 135 140 Availability 130 30 4.33 Availability 4.5 Availability 4.67 30 30 4 mth 4 mth 5 mth Company's car company purchased car----car owner is the company or employer Company leaseed car Km Business usage Personal usage Total milage 6,000 4000 10,000 60% 40% Km Km Examples: Terrace lake development Co. in Ontario provides Oliver Trahan with a company-owned automobile that is available for him 365 days a year. At the end of the current year, Oliver provided the company with the following info: (Purchase price for the car is $24,200, plus $3,146 HST) Business milage Personal milage Total milage 48,000 km 10,000 km 58,000 km 83% 17% 365 12 mth 30 Standby cost Step1 Standby cost = 2% * (24,200+3,146)*12 mth= 2%*$27,346*12= $6563.04 Standby cost Reduced standby cost Step2 If we can reduce the step1 benefit or not, it will depend on the milage the car is used more than 50% of the time for the business purpose, and the km for personal use do not exceed 1,667 per 30-day period, for a total of 20,004 km per year Reduced Standby Full standby cost Personal Km (do not exceed denominator) 1667 km per available month CEDAR
