Asked by Annie Kay Cumberland Elliott on Jul 22, 2024
Verified
Marion drives 20 miles a day from his first job to his second job.He worked 125 days during 2017 on both jobs.What is Marion's mileage deduction rounded to the nearest dollar assuming he uses the standard mileage rate and mileage is incurred ratably throughout the year?
A) $77.
B) $1,338.
C) $1,400.
D) $3,905.
Standard Mileage Rate
A predetermined rate used to calculate deductions for business-related vehicle expenses based on miles driven.
Mileage Deduction
A tax deduction that allows taxpayers to deduct vehicle expenses for business, medical, moving or charitable reasons, based on miles driven.
Second Job
Employment taken in addition to one's primary job, often to earn extra income.
- Analyze the deployment of real estate and vehicles within businesses for the sake of tax calculations, including a discussion on deductible expenses and their boundaries.
Verified Answer
Learning Objectives
- Analyze the deployment of real estate and vehicles within businesses for the sake of tax calculations, including a discussion on deductible expenses and their boundaries.
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