Employee Representation Regarding Use Of Company Vehicle Form (Page 2 of 4) in pdf

Employee Representation Regarding Use Of Company Vehicle Form Page 2

WORKSHEET TO CALCULATE INCOME

FROM PERSONAL USE OF COMPANY VEHICLE

EMPLOYER’S WORKSHEET TO CALCULATE EMPLOYEE’S TAXABLE

INCOME RESULTING FROM EMPLOYER-PROVIDED VEHICLE

FOR CALENDAR YEAR 2014

EMPLOYEE: _____________________________________________________________

DESCRIPTION OF VEHICLE: _______________________________________________

DATE VEHICLE FIRST MADE AVAILABLE TO ANY EMPLOYEE: ______________

DATE VEHICLE FIRST MADE AVAILABLE TO THIS EMPLOYEE: ______________

Select one method (note limitations on methods II and III)

METHOD I - ANNUAL LEASE VALUE METHOD (For Vehicles Available 30 Days or More)

Fair market value of vehicle (to be redetermined at the

beginning of the fifth year and every four years thereafter)

(1)

Annual lease value, per attached chart

Enter number of days during the year that the vehicle was available

Divide by number of days in tax year

Prorated annual lease value

Personal use % (personal/total miles, per statement from employee)

Personal annual lease value

= $

(2)

If fuel is provided by employer, enter personal miles _____ x _____

Personal use taxable income

= $

_____________________________

(1)

For autos available for 7 days or less, multiply the annual lease value by 4. If the availability is more than 7 days, but less than 30, the

taxpayer may elect to use the annual lease value without the 4 multiplier.

(2)

If fuel is provided “in kind,” the fair market value may be determined based on all facts and circumstances or, alternatively, at 5½

cents per mile if auto usage is within the U.S., Canada, and Mexico. Generally, where fuel is purchased and charged to the employer, the

actual cost or reimbursement should be used. If employers with a fleet of 20 or more vehicles reimburse or allow employees to charge fuel

cost, the fleet-average cents per mile may be used. If the fleet employer determines that actual cost or fleet average methods are

unreasonable administrative burdens, the 5½ cents per mile may be used.

Employee Representation Regarding Use Of Company Vehicle Form Page 2