Tim Cook is required by his employer to use his own vehicle for his work. To compensate him, he is paid an annual allowance of $5,200. During the year, he drove the vehicle a total of 55,000km, of which 13,000km were employment-related and the remainder were personal. His total automobile costs for the year, including lease costs, are $10,450.

What amounts should time include AND deduct in determining net employment income for the current year?

Answer rating: 100% (QA)

Annual allowance paid to Tim 5200 Vehicle ... View the full answer