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Agency Report of the Taxable Value of Personal - Office of the New

Agency Report of the Taxable Value of Personal - Office of the New 2025

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The document is an Agency Report from the New York State Office of the State Comptroller, detailing the process for reporting the taxable value of personal use for employer-provided vehicles. It includes sections for agency vehicle coordinators and employees to fill out information regarding vehicle assignment, usage, and valuation methods for determining taxable fringe benefits based on personal use during a specified reporting period.

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What is the difference between mileage reimbursement and car allowance?

A reimbursement, unlike an allowance, does not compensate employees to offset expenses but actually pays back the employee for business use of a vehicle. Vehicle reimbursements require business substantiation via mileage or actual expenses. This is what keeps the reimbursement tax-free.

What is a typical car allowance?

How much is a typical car allowance? In the US a typical car allowance is somewhere between $500 and $700 per month, but as described in this article you should base the allowance on the expenses related to business driving, rather than a national estimate.

Is car allowance taxable in NY?

The taxable value of personal use of an employer-provided vehicle is subject to income and Social Security/Medicare taxes and must be reported as income on the W-2 Statement. New York State will not withhold Federal income taxes. However, State, local and Social Security/Medicare taxes will be withheld.

How to report employee personal use of company vehicle?

Report the value of the personal use of the company vehicle on the employees Form W-2. Include the amounts in Boxes 1, 3, and 5. Also, report the amounts you withheld in Boxes 2, 4, and 6. If you choose not to withhold federal income tax, you must still include the fair market value of the benefit in Box 1.

Are employee allowances taxable?

If the employer pays a per diem or mileage allowance and the amount paid exceeds the amount the employee substantiated under IRS rules, you must report the excess as wages on Form W-2. The excess amount is subject to income tax withholding and Social Security and Medicare taxes.

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Are vehicle allowances taxable?

Tax implications for various car allowances and reimbursements. A fixed monthly car allowance is considered taxable income at federal and state levels. Both employee and employer must also pay FICA/Medicare taxes on the allowance. A car allowance may be reduced by 3040% after all these taxes.

Agency Report of the Taxable Value of Personal - Office of the New 2025

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