Answered: which deduction should a person take?

Business

Accounting

which deduction should a person take?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If 15,000 miles were used in 2022 for business travel and the expenses in 2022 for business-related travel were $8,456, which deduction should a person take? (Use the standard deduction mileage reimbursement rate of 62.5 cents for the 2022 calculation). The standard deduction of $8,625. The actual expense (itemized) deduction of $8,456. The actual expense deduction of $8,625. The standard deduction of $9,375.

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