Question: Question 7 ( 2 points ) Saved Elena Klein s employer provides her with an automobile for her personal use, and pays all of the

Question 7(2 points)
Saved
Elena Kleins employer provides her with an automobile for her personal use, and pays all of the operating costs for that vehicle. The vehicle, used by Ms. Klein throughout 2018, except for the month of October, cost her employer $51,000(this transaction was not subject to GST or HST). Ms. Klein drove the vehicle 42,000 km during the year, of which 17,000 km were for personal purposes. Her employer paid $9,700 in operating costs for the year. Ms. Klein paid nothing to her employer for the use of the vehicle. Which one of the following amounts represents the minimum taxable benefit that Ms. Klein must include in her employment income for the use of this vehicle in 2018?
Question 7 options:
a)
$2268
b)
$12,240
c)
$14,912
d)
$15,693

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!