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Lady bird [3.3K]
2 years ago
12

Lara uses the standard mileage method for determining auto expenses. During 2019, she used her car as follows: 9,000 miles for b

usiness, 2,000 miles for personal use, 2,500 miles for a move to a new job, 1,000 miles for charitable purposes, and 500 miles for medical visits. Presuming that all the mileage expenses are allowable (i.e., not subject to percentage limitations), what is Lara's deduction for: a. Business? b. Charitable? c. Medical?
Business
1 answer:
Scorpion4ik [409]2 years ago
4 0

Answer:

The answers are:

A) $5,220

B) $140

C) $100

Explanation:

The IRS mileage deduction rate for 2019 (Notice 2019-02):

  • 58 cents per mile for business miles driven
  • 20 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

A) Business mileage deductions:

9,000 miles x $0.58 per mile = $5,220

B) Charitable mileage deductions:

1,000 miles x $0.14 per mile = $140

C) Medical mileage deductions:

500 miles x $0.20 per mile = $100

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$1,000 par value bond pays interest of $35 each quarter and will mature in 10 years. If your nominal annual required rate of ret
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Answer:

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Calculation to determine how much should you be willing to pay for this bond

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Let plug in the formula

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