3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000...

Transcribed Image Text:

3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate? 3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in 2021, of which 6,000 miles were for business travel. The actual cost of gasoline, repairs, maintenance and depreciation totaled $3,950. a. What is the auto deduction based on the actual costs? b. What is the auto deduction using the standard mileage rate?

Answer rating: 100% (QA)

a To determine the auto deduction based on actual costs Bob needs to calculate the perc... View the full answer