The University Provided Vehicles Mileage Log should be completed by any employee who is provided a vehicle by the university in order to compute the taxable value associated with the personal use of that vehicle. This value will be included the employee's W-2 and is subject to Social Security and Medicare taxes.
Mileage logs should cover a reporting period from November 1 through October 31. Each university provided vehicle used within that period should be included in the log and should include the vehicle year, make, and model, the market value of the vehicle, the date the vehicle was received, and the beginning mileage of the vehicle when received. Ending mileage should then be recorded on a monthly basis, along with the number of miles that were business related for the month. Personal miles and associated taxable values will be computed from this information.
An Example Vehicle Mileage Log guides in completing the form.
The University Provided Vehicles Mileage Log should be saved once at the beginning of each annual reporting period for use throughout the year and can be completed electronically using Microsoft Excel, which is available for University-owned computers or home computers of university technology users.
At the end of the October 31st reporting period, the completed form should be emailed to the Payroll Office with a statement that the form has been accurately completed to the best of the employee's knowledge.
Instructions for Saving the Mileage Log: