Under the Automatic Mileage Method,one Rate Does Not Cover Every

question 20

Essay

Under the automatic mileage method,one rate does not cover every type of expense.For 2016,what are the rates for business use,education,moving,charitable,and medical?

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Definitions:

Clearing

The process of reconciling purchases and sales of various options, futures, or securities, and the direct transfer of funds from one financial institution to another.

Net Float

The difference between checks written against and deposited in an account, before those checks have been cleared and settled.

Money Market Securities

are short-term financial instruments, such as treasury bills and commercial paper, that provide liquidity and relatively low risk.

Average Daily Receipts

The average amount of cash received by a business on a daily basis, calculated over a specific period of time.