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During the year 2021, Mr. A was provided with an automobile that was leased by his employer, GBC co. The monthly lease payment is $600,
During the year 2021, Mr. A was provided with an automobile that was leased by his employer, GBC co. The monthly lease payment is $600, including all taxes. This lease payment also includes a payment of $80 per month to cover insuring the vehicle. GBC paid $3,500 for the operating costs of the car during the year. Mr. A used the car for 9 months during the year and during the month(s) of non-use, it was returned to GBC's premises in accordance with company policy. He drove the car a total of 20,000 kilometers of which 14,000 kilometers were for employment-related travel and the remainder was for personal use. Mr. A reimbursed GBC $60 per month of use of the automobile. Determine Mr. A's minimum taxable benefit for the use of the automobile. Show full calculation in your Excel. Round your answers to the nearest dollar amount.
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