Finley is an employee who drives a 2023 Ford C-Max with a fair-market value of $32,000. Finley has been given the choice to have the fringe benefit reported on the W-2 either using the lease-value rule or the cents-per mile rule. The lease value is $8,750, according to Publication 15-b. Finley drove 30,258 miles, 7,552 of it was for personal use. All gasoline was provided by the employer and the amount f personal use was charged back to Finley at $0.0585 per mile. If the car was available for 175 days during the year, what is the prorated annual lease percentage, using the lease-value rule? Note: Do not round intermediate calculations, only round final answer to two decimal points. Multiple Choice О 47.95% О 48.61%

Finley is an employee who drives a 2023 Ford C-Max with a fair-market value of $32,000. Finley has been given the choice to have the fringe benefit reported on the W-2 either using the lease-value rule or the cents-per mile rule. The lease value is $8,750, according to Publication 15-b. Finley drove 30,258 miles, 7,552 of it was for personal use. All gasoline was provided by the employer and the amount f personal use was charged back to Finley at $0.0585 per mile. If the car was available for 175 days during the year, what is the prorated annual lease percentage, using the lease-value rule? Note: Do not round intermediate calculations, only round final answer to two decimal points. Multiple Choice О 47.95% О 48.61%

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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