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A company car allowance is a predetermined sum paid to an employee as compensation for driving her own vehicle for business reasons. Companies use car allowances to minimize accounting costs. Once an employee has been allocated a car allowance, that amount is simply added to the employee's paycheck. For example, if the car allowance is $500 per month, this sum is paid to the employee via her paycheck.
If an employee does not drive a company vehicle, he or she may be eligible to be reimbursed for wear and tear on his or her car. When a company offers a car allowance, it is usually in one of two ways. CarsDirect states that a standard car allowance is a set amount given to an employee each pay period by the employer. This amount is meant to be used to cover car expenses and is in lieu of the company furnishing the employee with a company vehicle. This type of car allowance is usually considered to be taxable income, and the employee will have to declare it on his or her income tax return and pay taxes on it. Instead of a set car allowance, come companies choose to reimburse the employee for the actual miles driven.