Social Security taxes are paid into the Social Security Trust Fund maintained by the U.S. Treasury (technically, the Federal Old-Age and Survivors Insurance Trust Fund, as established by 42 U.S.C. Â§ 401(a)). Current year expenses are paid from current Social Security tax revenues.
If you're an employee and don't get reimbursed, you can write off mileage as an employee expense if you itemize deductions. The IRS sets limits on what you can claim: driving from your dorm room to your workplace isn't deductible mileage, for instance.
If you use the standard mileage rate, you can still deduct a few other vehicle-related expenses. 1  These include: 2  Interest on a car loan. 3  Parking fees and tolls for business. 4  Personal property tax you paid when you bought the vehicle, based on its value.