During February and March,Jade spends approximately 90 hours of her time volunteering at the Salvation Army (a public charity)preparing tax returns for low-income families.As a CPA,Jade normally bills her clients at $130 per hour for her time.Jade also drives her car a total of 800 miles in performing her voluntary work.Jade's deductible contribution is
A)$0.
B)$112.
C)$11,700.
D)$11,812.

Question

Quizplus · Accepted Answer

Jade's deductible contribution is calculated as follows:

Value of volunteer time: 
90 hours * $130 per hour = $11,700

Mileage deduction: 
800 miles * $0.14 (IRS standard mileage rate for charitable purposes) = $112

Therefore, the total deductible contribution is $11,812 ($11,700 + $112), which makes option B the correct choice.

During February and March,Jade Spends Approximately 90 Hours of Her