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 youâre a contractor working through your own limited company and are outside IR35 then life is very simple. HM Revenue and Customs rules state that expenses can be claimed provided they are wholly and exclusively for the purposes of your business.ou can claim the cost of travel to and from your temporary place of work. Mileage rates are 45p per mile for the first 10,000 miles in any fiscal year and then 25p per mile thereafter. This allowance is to cover fuel and running costs of the vehicle.