Employee Representation Regarding Use Of Company Vehicle Form (Page 3 of 4) in pdf

Employee Representation Regarding Use Of Company Vehicle Form Page 3

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

METHOD II - STANDARD MILEAGE RATE METHOD

Generally, in order to qualify to use the cents-per-mile method, the vehicle must: (1) be expected to be regularly used in the

employer’s business throughout the calendar year, or (2) be driven at least 10,000 miles per year, and (3) have a fair market

value of $16,000 or less for passenger automobile or $17,000 or less for a truck or van. Once this method is adopted for a

particular vehicle, it must be continued until the vehicle no longer qualifies.

Enter personal miles

__________ x $0.560 =

If fuel is NOT provided by the

Employer enter personal miles

__________ x $0.055 =

(

)

Personal use taxable income

METHOD III - SPECIAL COMMUTING METHOD

This method may only be used for vehicles covered by a written policy that allows commuting but no other personal use. DO

NOT USE if employee is a 1% or more owner, an officer with compensation of $100,000 or more, or an individual with

compensation equaling or exceeding $205,000.

Number of commuting round trips made

Value per round trip

$ 3.00

Personal use taxable income

Employee Representation Regarding Use Of Company Vehicle Form Page 3