Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was...

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Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles; used the car for 3,400 miles for personal use; and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease-value rule, what is the amount that must be added to Malcolm's gross pay for 2020? (Use the following table for lease values) (Round your intermediate calculations and final answers to 2 decimal places.) Employee Name: Malcolm Figueroa Annual Lease Method: 1. Fair Market Value of Vehicle: 2 Annual Lease Value: 3. Prorated Annual Lease Percentage 4. Prorated Annual Lease Value: Carefree Pools and Spas, Inc. Worksheet to Calculate Personal Use of Company Vehicle 5. If fuel is provided by the employer, enter personal miles: Total fuel charge for the personal miles driven 6. Total Personal Use Taxable Income (Lease-Value Rule) $ 35,000.00 $ 9,250.00 Personal Miles Total Miles 3,400.00 34,000.00 Annual Lease Value Prorated Annual Lease Percentage Personal Miles Employer Charge Per Mile 3,400.00 % 10.00 % $ %- $ 0.00 $ $ 0.00 Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Incorporated, During 2020, he was issued a company car with a fair market value of $35,000. He drove a total of 22,000 miles; used the car for 3,400 miles for personal use; and his employer paid for fuel, charging Malcolm 5.5 cents per mile. Required: Under the lease-value rule, what is the amount that must be added to Malcolm's gross pay for 2020? (Use the following table for lease values) (Round your intermediate calculations and final answers to 2 decimal places.) Employee Name: Malcolm Figueroa Annual Lease Method: 1. Fair Market Value of Vehicle: 2 Annual Lease Value: 3. Prorated Annual Lease Percentage 4. Prorated Annual Lease Value: Carefree Pools and Spas, Inc. Worksheet to Calculate Personal Use of Company Vehicle 5. If fuel is provided by the employer, enter personal miles: Total fuel charge for the personal miles driven 6. Total Personal Use Taxable Income (Lease-Value Rule) $ 35,000.00 $ 9,250.00 Personal Miles Total Miles 3,400.00 34,000.00 Annual Lease Value Prorated Annual Lease Percentage Personal Miles Employer Charge Per Mile 3,400.00 % 10.00 % $ %- $ 0.00 $ $ 0.00