Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mr. Lois an employee that is provided with an automobile that his employer leases at a cost of $2,100 per month including all taxes. The
Mr. Lois an employee that is provided with an automobile that his employer leases at a cost of $2,100 per month including all taxes. The total operating costs of the car were $0.60/km for the year and they were all paid by the employer. The car was available to Mr. Lo the entire year, except that he didn't use the car for a 3-month period while he was on a disability leave. Mr. Lo drove the car a total of 50,000kms during the year, of which 22,500kms were employment related (fully documented). Mr. Lo reimbursed his employer $2,750 for his personal use of the automobile for the year. Which of the following answers corresponds to the automobile taxable benefit to be included in Mr. Lo's Net Employment Income for the year? $24,500 $8,590 $28,045 530,550 None of the choices shown
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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