Mileage Reimbursement Calculator
Mileage Reimbursement
Calculate your total reimbursement based on miles driven.
*The current 2024 IRS rate for business mileage is $0.67 per mile.
Total Reimbursement Due:
Mileage Reimbursement Calculator: Track and Claim Your Travel Expenses Easily
If you work for an organization or company and frequently travel for official work, you've likely heard of mileage reimbursement.
Mileage reimbursement refers to travel expenses, such as petrol, diesel, and vehicle maintenance, that a company pays to its employees to cover their travel costs.
The question often arises as to how to calculate mileage reimbursement. The easiest way is to use a mileage reimbursement calculator.
What is Mileage Reimbursement?
Mileage reimbursement is usually used when an employee travels in their personal vehicle for business purposes, such as client meetings, deliveries, or office visits. The company reimburses the travel expenses. This expense is calculated based on a per-mile per-kilometer rate. This rate is called the reimbursement rate.
Example:
If your company pays you 50 cents per kilometer and you travel 100 kilometers, you will receive a reimbursement of 100 x 0.50 = $50.
You can also use this additional tool Gas Mileage Calculator
What does the Mileage Reimbursement Calculator do?
Mileage Reimbursement Calculator is an online tool that automatically calculates your total reimbursement amount.
You just need to fill in a few details:
| Field | Description |
|---|---|
| Distance Travelled | How many km/miles did you travel? |
| Reimbursement Rate | Per km/mile rate (e.g. $1/km) |
| Total Trips | - |
| Vehicle Type | - |
| Business Purpose | - |
When you fill in these things, you will get the result in front of you, which will show you the total reimbursement amount you will receive.
Mileage Reimbursement Formula
The simple formula for Mileage Reimbursement is: Reimbursement Amount=Distance Traveled×Rate per km/mile
How is the Mileage Reimbursement Rate decided?
These rates vary from company to company. Rates are determined by the mileage reimbursement policy. In some places, the rate is fixed, such as $0.50/km, while in many places, the rate varies depending on fuel prices and vehicle type.'
Factors that determine Mileage Rate:
- Fuel price (Petrol/Diesel/CNG)
- Vehicle type (Car, Bike, Scooter)
- Maintenance cost
- Insurance and taxes
- Distance and frequency of travel
What are the benefits of the Mileage Reimbursement Calculator?
- Quick calculation - You just need to manually enter the distance and get the result within 1 second.
2. Accurate result - There will be no errors, and the result will be absolutely accurate.
3. Time saving - You don't have to think much; just enter the distance and get an instant result.
4. Transparency - The report is completely clear for both the employee and the employer.
5. Online accessibility - You can use it on any device, making it easy to use.
Reference tool- travelperk.com
Difference between Mileage Calculator and Mileage Reimbursement Calculator
| Basis | Mileage Calculator | Mileage Reimbursement Calculator |
|---|---|---|
| Purpose | To calculate vehicle mileage | To calculate travel expense |
| Input | Fuel used, distance traveled | Rate per km and distance |
| Output | km/l or mile/gallon | $ reimbursement amount |
| Use Case | Car owners | Company employees and business trips |