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Asked 12/9/2007
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Tax on company car My boss is planning on buying a car and me using it to commute to an office he is opening up further away than the one i currently work in, and he said i would have to pay tax on it for using it because it would be considered income to me. is this true, and if so how is the tax calculated? |
Answer 1/2 - Submitted 12/9/2007
Answer 2/2 - Submitted 12/28/2007
IT can be taxed 2 way... added to you W-2 salary. Determined by the number of personal miles driven on the car less the business miles you report. mulitplied by a factor based on that tax
or they can add it as a 1099-MISC (miscellaneos) you want to avoid this if at all possible. If the car will be used for only business purposes at the end of the year the employer woill send you ahve form to show you personla miles versus your business--if you have had no personal miles and showed this on your weekly expense report the amount of earned income will be quite small.
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