Quinn is an employee of Caribbean Imports. His 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 $0.0585 per mile. What is the amount of the company-car fringe benefit that will appear on Quinn's W-2, using the lease-value rule? Note: Do not round intermediate calculations, only round final answer to two decimal points. A. $375.21 B. $1,043.19 C. $1,442.28 D. $5,650.68
Quinn is an employee of Caribbean Imports. His 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 $0.0585 per mile. What is the amount of the company-car fringe benefit that will appear on Quinn's W-2, using the lease-value rule? Note: Do not round intermediate calculations, only round final answer to two decimal points. A. $375.21 B. $1,043.19 C. $1,442.28 D. $5,650.68
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Quinn is an employee of Caribbean Imports. His 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 $0.0585 per mile. What is the amount of the company-car
Note: Do not round intermediate calculations, only round final answer to two decimal points.
A. $375.21
B. $1,043.19
C. $1,442.28
D. $5,650.68
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