Question
Mr. Wong is an employee that is provided with an automobile that his employer leases at a cost of $1,000 per month including all taxes.
Mr. Wong is an employee that is provided with an automobile that his employer leases at a cost of $1,000 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. Wong the entire year, except that he didn't use the car for a 3-month period while he was on a disability leave. Mr. Wong drove the car a total of 50,000kms during the year, of which 15,000kms were employment related (fully documented). Mr. Wong reimbursed his employer $1,000 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. Wong's Net Employment Income for the year?
$14,800 | ||
$28,000 | ||
$2,600 | ||
None of the choices shown. | ||
$19,996 | ||
$17,800 | ||
$14,400 | ||
$16,800 |
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