An employee is required to use her own automobile for employment duties. She acquired a new car at thebeginning of the year for $40000 (including GST and HST of 8 %) and during the year she incurred thefollowing expenses. Gasoline $2200, repairs and maintenance $400, insurance and registration $800, mealswhile away from the office $420 ($200 relates to out of town travel), parking during employment duties $300 and interest on loan to acquire car $3900. During the year, the employee drove 26000 km of which14000 were for employment duties and the remaining were personal. Compute the personal andemployment expenses.

An auto deduction is a tax deduction that can be claimed by a taxpayer for expenses related to the…

Answered: An employee is required to use her own…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In 2023, Ms. Gesner's employer provides her with an automobile for 11 months of the year. The automobile cost $57,560, which included HST. She drives it a total of 61,600 kilometres, 16,400 of which are for personal purposes and 45,200 for employment purposes. The employer pays all maintenance expenses, which in 2023 total $8,950 for the year. What is the minimum taxable benefit for the use of the automobile for 2023? (Round your answer to the nearest whole dollar.) O A. $17,153 B. $17,767 O C. $16,738 D. $18,075
Quinn is an employee of Caribbean Imports. Quinn’s company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease value of $8,250, according to Publication 15-b. During the year, Quinn drove 36,953 miles, of which 6,822 were for personal use. The car was available for use on 250 of the days during the year. All gasoline was provided by the employer and is charged back to Quinn at $0.055 per mile. What is the percentage of personal use by Quinn? Note: Do not round intermediate calculations, only round final answer to two decimal points. Multiple Choice 68.49% 35.97% 18.46% 6.64%
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In 2018, Ensley drove her automobile 28,500 miles. She incurred the following expenses during the year related to the automobile:Gas and oil, lubrication: $1,800 Insurance: $980Repairs: $360Licenses and registration fees: $50Business parking and tolls: $170She uses the automobile 80% for business. Based on the data, Ensley's automobile deduction under the actual cost method is
On April 23, 2019, Bailey purchased an automobile for $25,000. The car is used 80% for business and 20% for personal use. What is the cost recovery deduction for 2019 and 2020 assuming the 100% bonus was taken? (Round answers to the nearest dollar)

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