Find which corresponds to the automobile taxable benefit

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Reference no: EM132726296

Ms. High is an employee that is provided with an automobile that her employer bought at a cost of $125,000 including all taxes. The total operating costs of the car were $0.60/km for the year and they were all paid by the employer. The car was available to Ms. High the entire year. Ms. High drove the car a total of 40,000kms during the year, all but 12,000kms were employment related (fully documented). Ms. High reimbursed her employer $1,200 for her personal use of the automobile for the year.

Problem 1: Which of the following answers BELOW MULTIPLE CHOICE ANSWERS corresponds to the automobile taxable benefit to be included in Ms. High's Net Employment Income for the year? If the answer is none of the choices shown, please provide correct answer then with calculation/explaination

Option 1: 0
Option 2: none of the choices shown
Option 3: 36640
Option 4: 23,996
Option 5: 14,164
Option 6: 21356
Option 7: 11160
Option 8: 20156

Reference no: EM132726296

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