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Car Allowance Policy
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Car Allowance Policy
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We offer company vehicles (with appropriate expenses) with executive and sales positions. Want to establish an offshoot policy that would provide a car allowance in lieu of providing the vehicle. Does
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Forums » Topic Forums » General Forum » Car Allowance Policy
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Car Allowance Policy
posted at 10/4/2000 5:09 AM EDT
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Posts: 1
First: 10/4/2000 Last: 10/4/2000 |
We offer company vehicles (with appropriate expenses) with executive and sales positions. Want to establish an offshoot policy that would provide a car allowance in lieu of providing the vehicle. Does anyone have a policy of this nature? |
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Car Allowance Policy
posted at 10/5/2000 6:53 AM EDT
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Posts: 10
First: 8/30/2000 Last: 12/22/2000 |
We recently revised our policy on providing company vehicles to sales managers with the following Automobile Allowance Policy:
Regional Sales Managers will receive an automobile allowance of $550 per month, which is intended to cover the cost of Financing or lease payments on the automobile; registration fees; Insurance; Maitenance & Repairs. RSM's will personally lease/purchase their automobiles. RSM's are authorized to select their own automobile make/model within certain guidelines, subject to advance approval of VP/Sales. Autos should be midsize or above, appropriate for business use; autos should be 4-door vehicles, capable of carrying 3-4 business passengers; autos must be able to carry a 4 Ft. sample fixture (we produce lighting fixtures); autos must be no older than 5 years old, unless authorized by the VP/Sales. As representatives of the Company, RSMs are expected to maintain their vehicles and keep them in a safe and clean condition. Insurance coverage of at least the following levels must be maintained: Bodily Injury - $250K per person; $500K per accident; Property damage of $100K. Automobile allowance payments will be included in employee's taxable income. Gasoline will continue to be charged to the Company credit cards, and this will also be included in taxable income. Employees must log their personal/business mileage in order to offset business-related automobile expenses against their income. This is essentially our policy in rough form. Hope this helps you out. |
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Car Allowance Policy
posted at 10/10/2000 9:55 AM EDT
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Posts: 3
First: 10/10/2000 Last: 10/10/2000 |
We provide a car allowance of $514 per month. The allowance comes in a monthly direct deposit, but in a separate direct deposit from the employee's regular monthly salary. Employees must maintain a log of miles driven, which is then multiplied by the current annual IRS mileage rate. This amount of the allowance is then paid as a non-taxable car allowance. The balance of the car allowance is then classified as taxable. Employees can submit gas purchases for reimbursement but this amount is used to increase the taxable amount of the car allowance and decrease the non-taxable part. The only withholding on this allowance is Social Security.
If the miles driven in a given month is sufficient to exceed the total car allowance in that month, the excess amount carries over to the following month to reduce the taxable income at the end of that month. We have several employees for whom their mileage exceeds their total car allowance for the total year. We inform them of this fact, and the amount by which their mileage rate exceeded the car allowance, so they can complete their personal tax return properly. |
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Car Allowance Policy
posted at 7/18/2006 1:17 AM EDT
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Posts: 1
First: 7/18/2006 Last: 7/18/2006 |
My company would like to revamp their car allowance policy. I was wondering if anyone could tell me what they pay sales account and program managers per month for levels 1-V. This allowance will only cover the managers'leasing, insurance, registration fees, etc. We compensate seperately for miles driven. |
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Car Allowance Policy
posted at 10/15/2007 11:31 AM EDT
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Posts: 2
First: 10/15/2007 Last: 10/22/2007 |
We have a car allowance policy currently in place that provides for a monthly reimbursement dependent on position within the firm.
We have one manager that is stating we should be responsible for incurring costs associated with accidents, mishaps etc. The firm believes that we are not responsible for these additional costs as they are provided with the allowance for use on whatever they want/need. Does anyone have any information on this? |
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Car Allowance Policy
posted at 4/23/2009 3:29 AM EDT
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Posts: 3
First: 4/23/2009 Last: 4/23/2009 |
This is a wonderful opinion. The things mentioned are unanimous and needs to be appreciated by everyone.
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Car Allowance Policy
posted at 4/23/2009 3:31 AM EDT
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Posts: 3
First: 4/23/2009 Last: 4/23/2009 |
The initiative taken for the concern is very serious and needs an attention of everyone. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible.
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Car Allowance Policy
posted at 4/23/2009 3:31 AM EDT
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Posts: 3
First: 4/23/2009 Last: 4/23/2009 |
The initiative taken for the concern is very serious and needs an attention of everyone. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible.
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