and the federal rate is $.48.5
Are they required to pay me the federal rate or not? Thank you!
2007-01-24 01:16:01 · 7 answers · asked by Squirrel 4 in Politics & Government ➔ Law & Ethics
There is no law that they need to even reimburse you at all. You can claim the difference when you file your taxes, if you itemize.
2007-01-24 02:30:37 · answer #1 · answered by Mutt 7 · 0⤊ 0⤋
No. Your company is not required to pay you the federal rate. The federal rate is a guideline on the amount that your company is allowed to claim as a reimbursable expense on their P&L.
In theory, they could reimburse you 99 cents per mile, but they are only going to be able to claim 48.5 cents when they claim the expense.
2007-01-24 10:54:09 · answer #2 · answered by Peter 3 · 0⤊ 0⤋
They are not required to pay the federal rate. My company only pays .25/mile.
2007-01-24 01:23:54 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No, they're not required to pay the federal rate. However, I believe that if they do not pay that rate, and you use your car for business expenses, you can deduct the difference from the rate they pay and the federal rate off your taxes (i.e. not taxable gross income. Not a tax credit, but a tax deduction for business expense/mileage).
Right? Anyone want to confirm that?
2007-01-24 01:37:18 · answer #4 · answered by Perdendosi 7 · 1⤊ 0⤋
It ability it became pushed 31,000 miles. this is like announcing your computing device became used for 31,000 hours. How lots longer this is going to pass relies upon on the make/type and how properly it became dealt with.
2016-11-01 04:01:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
2 different things... you are allowed to deduct 481/2 cents per mile OR deduct your vehicle and expenses. but not both. you can however deduct your vehicle and accept .31 per mile as income. nothing illegal about that...
2007-01-24 08:26:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sorry, No
2007-01-24 01:23:35 · answer #7 · answered by .G. 7 · 1⤊ 0⤋