Mileage Reimbursement Calculator

An online mileage reimbursement calculator which helps you to do mileage compensation calculation. Just enter the distance of miles driven and the amount of money paid per mile to get the result.

Mileage Compensation Calculation

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An online mileage reimbursement calculator which helps you to do mileage compensation calculation. Just enter the distance of miles driven and the amount of money paid per mile to get the result.

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Formula:

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

Mileage Reimbursement: This 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.

The rate of mileage reimbursement for 2015 is 57.5 cents per mile. Just enter the distance of miles driven and the amount of money paid per mile in this online mileage reimbursement calculator to do mileage compensation calculation. 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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