Mileage Reimbursement Calculator

Mileage reimbursement is the allowable deduction while calculating Income Tax for businesses, self-employed individuals, or other taxpayers in United States based on the optional standard mileage rates. In 2015, the mileage rate was 57.5 cent/mile for Business, 14 cents/mile for Charitable and 23 cent/mile for Medical and moving expenses.

Mileage Compensation Calculation

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Formula:

C = a * b Where, C = Compensation Due a = Distance Driven b = Compensation Per Mile

This online mileage reimbursement calculator is used to find the compensation due based on the distance driven and the compensation amount per mile. The tax payer can deduct either the actual expense incurred for using the vehicle or the amount calculated using the standard mileage rate, whichever is greater.

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