Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tb mc qu.04-28(static) finley is an employee who d

TB MC Qu.04-28(Static) Finley is an employee who drives a... Finley is an...

50.1K

Verified Solution

Question

Accounting

TB MC Qu.04-28(Static) Finley is an employee who drives a...
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
47.95%
48.61%
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Tester Ltd is a fast-growing, dividend-paying corporation. It has just paid a dividend of $1.00 per...

Finance
Q

explain the difference between a saturated and an unsaturated carbon-containing molecule.

Mechanical Engineering
Q

Applying the Job Characteristics Model, how motivating are Uber’s jobs for drivers?

General Management
Q

Please read through the article below and answer the question at the end of the article. Strategy...

General Management
Q

What is the first step that you should take if a patient s primary insurance...

Biology
Q

Yesterday Ivan went on a bike ride His average speed was 9 miles per hour...

Basic Math
Q

Terri Vogel an amateur motorcycle racer averages 129 45 seconds per 2 5 mile lap...

Statistics
Q

Use Lagrange multipliers to find the maximum and minimum values of f x y x...

Calculus
Q

2. Which of the following taxes does the Commonwealth government not levy?* (1 Point) Payroll...

Accounting
Q

The following information was taken from Burger King Worldwide's 2013 annual report: Note 3. Trade...

Accounting
Q

The advent of the word processor reduced the time it takes to write and revise...

Accounting
Q

Providing insurance on production facility is an example of a: Group of answer choices Facility-level...

Accounting