Personal Use Auto W 2. In order for you to know how much value is to be added or reimbursed, total use and personal use. (.25 x the fair market value of the vehicle) + $500.
The value of the personal use of a company car can be treated as additional wages on any frequency chosen by the employer up to and including on an annual basis. In order for you to know how much value is to be added or reimbursed, total use and personal use. Because of this, the employer should.
(.25 x the fair market value of the vehicle) + $500.
510 business use of car. Your employer can figure and report either the actual value of your personal use of the car or the value of the car as if you used it only for personal purposes. But only use this rule if you meet certain. The business mileage rate for 2022 is 58.5 cents per mile.