Fringe Benefit Compensation Worksheet

Name______________________________________ Social Security No.________________________

WORKSHEET
FRINGE BENEFIT COMPENSATION

VALUE FOR
EMPLOYER-PROVIDED VEHICLE
Covered Period:________ to _________

Company:_________________________________________________________
Employee:________________________________________________________
Auto Description:_______________________ Date Acquired:_______________

Annual Lease Value Method

1. FMV (e.g. per NADA book) as of auto acquisition date or as of January 1 following the end of a deemed four-year lease term $__________
2. IRS annual lease value factor for line 1 (see the Annual Lease Value Table) $__________
3. Prorate to cover period less than 12 months (if applicable) X_________%
4. Annual lease value for 1999 (line 2 x line 3) $__________
5. Personal-use percentage:
a. 11/01/98 to 10/31/99 personal miles (see note 1 below)
b. 11/01/98 to 10/31/99 total miles (see note 1 below)
Ratio (5a divided by 5b)
___________
___________
 
X_________%
6. Annual personal-use value $__________
7. Plus: Additional amount for company-provided gas used personally:
a. Total personal miles per above
b. Less mileage where gas paid for personally
c. Total personal miles on company-paid gas

d. Additional value for company-paid gas

___________
___________
___________
x .055/mile

$__________

8. Total additional compensation for 1999 (line 6 plus line 7d) $__________

Standard Mileage Rate Method
[available only if estimated FMV of vehicle is less than $15,500 (for vehicles placed in service in 1999) when first made available to any employee]

9.  Personal mileage  (11/01/98 to 03/31/99): ________________ x $.325 + Personal mileage  (04/01/98 to 10/31/99): ________________ x $.31 = $__________
10. Less personal miles where employee provided fuel: _________________ miles at $.05 (__________)
11. Standard mileage rate method additional compensation for 1999 $__________

Note 1: Taxpayers may elect not to adopt this special accounting period (allowing ease in cut-off dates), but must measure mileage from 1/1/99 to 12/31/99.

Note 2: FMV can be used instead of $.055 per mile.

Return to Automobile Fringe Benefit section 3.8.B “Annual Lease Value”

Return to Appendix A