Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Haley, a self-employed individual, drove her automobile a total of 20,000 business miles in 2018. This represents about 75% of the auto's use. She has

Haley, a self-employed individual, drove her automobile a total of 20,000 business miles in 2018. This represents about 75% of the auto's use. She has receipts as follows:

Parking (business only): $500

Tolls (business only): $200

Total repairs: $1,000

If Haley uses the standard mileage rate method, how much can she deduct as a business expense?

Question 5 options:

1)

$12,500

2)

$11,600

3)

$11,200

4)

$11,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting for Managers

Authors: Eric Noreen, Peter Brewer, Ray Garrison

3rd edition

78025427, 978-0077736460, 007773646X, 978-0078025426

More Books

Students also viewed these Accounting questions

Question

Describe the roots of positive psychology.

Answered: 1 week ago

Question

a sin(2x) x Let f(x)=2x+1 In(be)

Answered: 1 week ago

Question

Always show respect for the other person or persons.

Answered: 1 week ago