Question
Finley is an employee who drives a 2022 Ford C-Max with a fair-market value of $32,000. The lease value is $8,750, according to Publication 15-b.
Finley is an employee who drives a 2022 Ford C-Max with a fair-market value of $32,000. The lease value is $8,750, according to Publication 15-b. Finley drove 30,258 miles, 7,552 of it was for personal use. The car was available for use on 150 of the days during the year. All gasoline was provided by the employer and the amount for personal use was charged back to Finley at $0.0585 per mile. What is the percentage of personal use by Finley?
Note: Do not round intermediate calculations, only round final answer to two decimal points.
Multiple Choice
76.66%
41.10%
24.96%
58.90%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started