Question
During the year 2021, Mr. A was provided with an automobile that was leased by his employer, GBC co. The monthly lease payment is $550,
During the year 2021, Mr. A was provided with an automobile that was leased by his employer, GBC co. The monthly lease payment is $550, including all taxes. This lease payment also includes a payment of $50 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 11 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 39,000 kilometers of which 20,000 kilometers were for employment-related travel and the remainder was for personal use. Mr. A reimbursed GBC $80 per month of use of the automobile.
Required: Determine Mr. As minimum taxable benefit for the use of the automobile.
In your inputs below, simply enter whole positive numbers without any signs or words (no $, comma or brackets). Round your answers to the nearest dollar amount where applicable.
a. Standby charge benefit..............
b. Operating cost benefit................
c. Reimbursement, if any...............
d. Total automobile benefit.............
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