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Message
re: How much should a company truck affect your salary?
Posted on 9/26/23 at 9:57 am to NatalbanyTigerFan
Posted on 9/26/23 at 9:57 am to NatalbanyTigerFan
Pretty sure it can be determined by tax responsibility. Compare using your own truck for what you'll need it for to not having to use your own.
Using recently current mileage values, $10k/yr would equal about 475 miles per month. That's not a whole lot of miles if you truly need a vehicle for work.
Using recently current mileage values, $10k/yr would equal about 475 miles per month. That's not a whole lot of miles if you truly need a vehicle for work.
0
Posted on 9/26/23 at 9:57 am to NatalbanyTigerFan
I would take a small pay cut to have a company vehicle. I have to use my personal vehicle for work. I am paid $.65/mile, which comes from anywhere from $350-$600 every other week but it is still my vehicle and my ware and tear
Posted on 9/26/23 at 9:59 am to bakersman
quote:
I would take a small pay cut to have a company vehicle
a friend of mine provides all employees with five or more years with the company a company vehicle, and upgrades them fairly often, doesn't count it as part of their wages
Posted on 9/26/23 at 10:01 am to Odysseus32
quote:
I would bargain that most people who get company vehicles don't understand the tax implications of a company vehicle IF the company is doing things by the books.
Again, a lot of this shite flies under the radar or isn't worth digging into.
I am assuming that if a company has company vehicles and expects to write it off as a business expense, then they have to track the miles. I would guess that's why personal use miles hit the employee's W2.
Only way I could see it not getting taxed for employee is if the company chooses to eat the cost of the vehicle 100% and never claim it.
Posted on 9/26/23 at 10:04 am to Gorilla Ball
quote:
Are you a W2 employee because I don’t think you can Deduct mileage especially if you are getting an allowance.
I am reimbursed by the company. The company can choose what it reimburses me for. The allowance is for vehicle cost....the mileage is for gas plus maintenance due to specific activities for work. From the W2 perspective the mileage is not included in taxable income because it's not net income, it's repayment for business expenses (the use of vehicle for company purposes). Whereas the vehicle allowance is for my ownership of the vehicle, which extends past just company use, therefore is considered in my total taxable income.
Posted on 9/26/23 at 10:06 am to Jcorye1
quote:
That's interesting, do they make you guys keep logs? I nailed a couple of firms back in the day because they allowed their drivers to use their vehicles for non-business usage yet claimed all the miles, gas, ect as expenses.
Yes and we report every mile logged as personal miles for tax reasons.
Posted on 9/26/23 at 10:10 am to Gorilla Ball
quote:
The average truck note is over $1000 - no way.
CNBC Article with link to raw data
$913/month. My bad
Posted on 9/26/23 at 10:15 am to mylsuhat
quote:
f they are paying vehicle, insurance, and fuel it's anywhere from $800-$1200/month
If a new vehicle, they can range from 50-80k. Seems like the note alone may be higher than $800.
Posted on 9/26/23 at 10:22 am to Jcorye1
quote:
I would be shocked if they were cool with you driving your company car for private business, which massively lowers the benefit.
Sounds like a work truck. Cost of doing business. No financial benefit, and it’s clearly not a perk.
Posted on 9/26/23 at 10:31 am to Philzilla
quote:
Sounds like a work truck. Cost of doing business. No financial benefit, and it’s clearly not a perk.
Commuting in a work truck is considered a financial benefit according to the IRS.
Posted on 9/26/23 at 11:56 am to NatalbanyTigerFan
quote:
I was recently offered a position with a company that said a company truck was included in the deal if I chose to accept it.
I was told that the incentive of having a company truck was worth the same as being paid $10/hr more. I don't know if I'm convinced if that is completely accurate or not.
I've always had company vehicle and it was never mentioned as being part of my salary or affecting my salary.
Thoughts?
I never considered it a part of my salary. Its nothing more than a tool to do the work I am being paid to do. I also have a computer and a telephone. Is that part of my salary as well? If I dig ditches for a living is a shovel part of my compensation package? This is the problem with employer/employee relations in the US...I earn every penny I make, I am not given anything. The tools required for me to do what I do are the employers responsibility...if they do not want to accept that their competition will.
Posted on 9/26/23 at 11:58 am to NatalbanyTigerFan
quote:
I was recently offered a position with a company that said a company truck was included in the deal if I chose to accept it.
I was told that the incentive of having a company truck was worth the same as being paid $10/hr more. I don't know if I'm convinced if that is completely accurate or not.
I've always had company vehicle and it was never mentioned as being part of my salary or affecting my salary.
Thoughts?
The first time I ever had a company truck the company took $.99 a week out of my salary for the truck. Supposedly an IRS issue. There was no limit on what I did with the truck, it was basically mine except I was the only one who could drive it. Never had another company do that, never really understood why they did it.
Posted on 9/26/23 at 12:00 pm to mylsuhat
quote:
If they are paying vehicle, insurance, and fuel it's anywhere from $800-$1200/month
The rent on the office is also expensive...am I supposed to be grateful to the point that I consider that part of my salary??? I had 24 service trucks on the road at one point, never once did I try to convince any of those employees those trucks were a perk...they were a tool to get the job done and make me money.
Posted on 9/26/23 at 12:05 pm to BruslyTiger
quote:
What is the perk of having the vehicle if you cannot use it for personal use? Does the company require you to be on call 24x7 and want you to have the vehicle to provide services to customers?
Companies are all about pretending shite is a benefit to the employee when it is really a benefit to the company. Anyone who thinks a company benefit is somehow part of their salary is simply naive. Every penny it costs for an employee to produce whatever it is they produce has to be recouped from the revenue driven by that production. If it is not the employee or the company is not going to last long. If a company is using a vehicle to negotiate salary by suggesting it is a perk they are being dishonest and if anyone is buying it they are either ignorant or stupid.
Posted on 9/26/23 at 12:21 pm to AwgustaDawg
quote:
Supposedly an IRS issue.
Not supposedly. Actually. The IRS defines personal use of company vehicles as a taxable benefit. Companies keep logs for a reason. They can write off miles related to company business. They can't write off personal use miles and commuting to and from work is considered personal use.
Posted on 9/26/23 at 12:22 pm to AwgustaDawg
quote:
never once did I try to convince any of those employees those trucks were a perk
They were a perk if they were used for daily commuting.
Posted on 9/26/23 at 12:23 pm to Oilfieldbiology
quote:How big are the truck nuts on your Raptor baw
the average truck note is >$1,000/month now
Posted on 9/26/23 at 12:35 pm to Jon A thon
Ok gotcha
Posted on 9/26/23 at 1:04 pm to DakIsNoLB
quote:
They were a perk if they were used for daily commuting.
If the commute is all they are used for you would be correct. If they are used for the commute and during the day to call on customers etc. they are merely a tool of the trade the same way a track hoe would be for an operating engineer...
Posted on 9/26/23 at 1:18 pm to AwgustaDawg
2023 Chevy Silverado Custom is what is being offered.
Company that I am with now offers $250/wk(pre tax) and a fuel card to bring your personal truck into the plants and that is it.
Truck must be less than 4 years old and carry $100k insurance policy.
All other expenses are my responsibility.
Company that I am with now offers $250/wk(pre tax) and a fuel card to bring your personal truck into the plants and that is it.
Truck must be less than 4 years old and carry $100k insurance policy.
All other expenses are my responsibility.
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