Is this correct?
Example:
My Car Allowance is Taxable
Gas Reimbursement via company gas credit card.
I drive 40,000 miles per year and 30,000 miles is strictly business related.
At $0.58 per mile this equals $17,400.00.
Company paid $3,300 for gas. I deduct that from the $17,400.00 and it equals $14,100.00.
If I make $55,000.00 per year on my W2, then I take 2% ($1,100.00) off of the $14,100.00 which leaves me with a $13,000.00 deduction.
