a) Automobile owned by employer Original cost of automobile including HST (includes insurance of $600) $30,000 Operating
Posted: Sun Jun 05, 2022 9:01 pm
a) Automobile owned by employer Original cost of automobile
including HST (includes insurance of $600) $30,000 Operating cost
for the year paid by employer, including HST $4,000 Employment-use
kms 24,000 Total kms driven for the year 35,000 Number of months
available 12 months Reimbursement to employer for personal use 10
cents per km Prescribed rate 29 cents Compute the standby charge
and operating benefit for the use of the automobile. b) Automobile
leased by employer Yearly lease cost including $650 of insurance
and HST $6000 Operating cost for the year paid by employer,
including HST $3500 Employment use kms 12,000 Total kms driven for
the year 20,000 Number of months available 11 months Reimbursement
to employer for personal use 5 cents per km Prescribed rate 29
cents Compute the standby charge and operating benefit for the use
of the automobile.
including HST (includes insurance of $600) $30,000 Operating cost
for the year paid by employer, including HST $4,000 Employment-use
kms 24,000 Total kms driven for the year 35,000 Number of months
available 12 months Reimbursement to employer for personal use 10
cents per km Prescribed rate 29 cents Compute the standby charge
and operating benefit for the use of the automobile. b) Automobile
leased by employer Yearly lease cost including $650 of insurance
and HST $6000 Operating cost for the year paid by employer,
including HST $3500 Employment use kms 12,000 Total kms driven for
the year 20,000 Number of months available 11 months Reimbursement
to employer for personal use 5 cents per km Prescribed rate 29
cents Compute the standby charge and operating benefit for the use
of the automobile.