Peter traveled 10000 miles in his personal vehicle, paid $400 in parking fees an

Question

Peter traveled 10000 miles in his personal vehicle, paid $400 in parking fees and spent $1200 for fuel in 2017 in the performance of his duties for his employer. If he chooses to use standard mileage rates , what amount can he include as unreimbursed employee expenses? Peter traveled 10000 miles in his personal vehicle, paid $400 in parking fees and spent $1200 for fuel in 2017 in the performance of his duties for his employer. If he chooses to use standard mileage rates , what amount can he include as unreimbursed employee expenses?

Explanation / Answer

Solution :- Unreimbursed employee expenses = 10000 * 53.50 Cents

= 535000 Cents i.e., $ 5350. (1 Dollar = 100 Cents, Accordingly, $ 5350 = 535000 Cents)

Conclusion :- Unreimbursed employee expenses (as per standard mileage rate method) = $ 5350.

Note :- The standard mileage rate for the business use of vehicle is 53.50 cent per mile for Year 2017 as per Internal revenue service (IRS) code.

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