Amelie is self-employed and uses her personal automobile in connection with her business. During 2020, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. During 2020, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 57.5 cents per mile for the year 2020.) (Click the icon to view the expenses.) - X Read the requirements. Requirement a. Compute Amelie's deduction if she uses the actual cost method. The amount deductible using the actual cost method is $ 13,232 Requirement b. Compute Amelie's deduction if she uses the standard mileage method. The amount deductible using the standard mileage method is Data Table Gas and oil Repairs and maintenance Depreciation Insurance Licenses and fees Total Print Done $ 7,800 1,200 5,800 1,440 300 $ 16,540
Amelie is self-employed and uses her personal automobile in connection with her business. During 2020, Amelie drove her car a total of 28,000 miles. Her business log shows that she drove 22,400 miles for business purposes. During 2020, Amelie incurred the following actual expenses based on 100% use, that is, 28,000 total miles: (The standard mileage rate method permits a deduction based on a mileage rate of 57.5 cents per mile for the year 2020.) (Click the icon to view the expenses.) - X Read the requirements. Requirement a. Compute Amelie's deduction if she uses the actual cost method. The amount deductible using the actual cost method is $ 13,232 Requirement b. Compute Amelie's deduction if she uses the standard mileage method. The amount deductible using the standard mileage method is Data Table Gas and oil Repairs and maintenance Depreciation Insurance Licenses and fees Total Print Done $ 7,800 1,200 5,800 1,440 300 $ 16,540
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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