The Standard Business Mileage Rate for Automobiles for All of 2014

question 49

True/False

The standard business mileage rate for automobiles for all of 2014 is 56 cents per mile.

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Definitions:

Deferred Tax Assets

Future tax benefits arising from situations where the amount of taxes paid on financial statements exceeds the amount owed for tax purposes, which can be used to reduce future tax liability.

Deferred Tax Liabilities

Deferred tax liabilities are taxes that have been accrued but will not be paid for until a future date, typically due to timing differences between accounting and tax laws.

Effective Tax Rates

The average percentage at which an individual or corporation is taxed.

Statutory Tax Rates

The tax rate legally imposed on income or profits by the government, which can vary depending on the type of income, entity, or other factors.