TCO 2 states, \"Given data for all of the components of the tax formula for indi

Question

TCO 2 states, "Given data for all of the components of the tax formula for individuals, demonstrate the use of the tax formula to calculate the net tax due or the net refund as specified by the most recent codification of the federal income tax laws." Let us examine some of the deductions available to employees.

Janet works as an auditor for a major CPA firm. During the months of September and October of each year, she is permanently assigned to the team auditing of Real Corp. As a result, she drives from her home to Real and returns home after work every day. Mileage is as follows:

Home to office: 20 miles
Home to Real Corp.: 35 miles
Office to Real Corp.: 20 miles

Question: Calculate Janet's deductible mileage for each workday for these 2 months.

Explanation / Answer

The deductable milage is distance between Home to Real Corp.

Distance between Home to Real Corp : 35 Miles

she can deduct 57.5 cent per milage

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