In order to make money in the restaurant business, prime costs should generally be in the 60 percent to 65 percent range. How that breaks down between food and labor is less important than achieving a prime cost maximum that produces a satisfactory profit.
The standard mileage rate is by far the easiest to use. With the standard mileage rate, you take the deduction of a specified number of cents for every business mile you drive. The IRS sets the standard mileage rate each year. The 2017 Mileage Rate is 53.5 cents per mile. To figure out your mileage deduction, simply multiply your business miles by the standard mileage rate for the specific year. Example: Ed, a salesperson, drove his car 20,000 miles for business during 2017.
The current mileage rate is 57.5 cents per mile. Multiply that by your 295 miles per week and you get $167.90. If your employer chose to reimburse at the federal mileage rate, that would be your check. But remember, the federal mileage rate is optional.he standard mileage rate increased this year by 1.5 cents. The new IRS rate is 57.5 cents per mile. A company can reimburse its employees whatever it wants â from zero cents per mile to over the IRS maximum. There is no law mandating how much or how little to reimburse employees.