5. Bradkin's Toggery owns property with a fair market value of $209,200. Property in the area is assessed at 30% of fair market value with a tax rate of 3.65%. Find the annual tax. [13.1]
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![5. Bradkin's Toggery owns property with a fair market value of $209,200. Property in the
area is assessed at 30% of fair market value with a tax rate of 3.65%. Find the annual tax.
[13.1]
5](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9fe591d1-b20e-4716-b178-bb74293a145f%2F51445b69-d770-48a3-8904-4e2ac88a5f5b%2Fn32sxr_processed.png&w=3840&q=75)
![To help you review, the numbers in brackets show the section in which the topic was discussed.
Find the following property tax rates. [13.1]
Percent
1. 5.76%
2.
Per $100
Per $1000
$93.50
M](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9fe591d1-b20e-4716-b178-bb74293a145f%2F51445b69-d770-48a3-8904-4e2ac88a5f5b%2F9dasq1_processed.png&w=3840&q=75)
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- 7. After real estate has been sold by the state or the 6. What is the annual real estate tax on a property B. remain indefinitely in possession of the A. refinance the parcel of property sold. valued at $135,000 and assessed for tax purpos STIONS an at $47,250 with an equalization factor of 125% and a tax rate of 25 mills? A. $1,181 B. $1,477 C. $3,375 D. $4,219 7. After real estate has been sold by the state of u county to satisfy a delinquent real estate tax depending on state law, the former owner i have the right to A. refinance the parcel of property e propertywhat is the annual real estate tax on a property that is valued at $135,000 and assessed for tax purposes at $47,250 with an equalization factor of 125%, when the tax rate is $2.50 per $100? a. $1,417.50 b. $1,476.56 c. $4,050 d. None of the above the answer is B but can you show the steps13.E J owns some property that has an assessed value of $415,920. Calculate the tax due if the tax rate is 33.25 mills. (Round your answer to the nearest cent.) a.$13,725.36 b.$13,829.34 c.$16,636.80 d.$17,988.54
- 10. Sicilian Corporation purchased a condominium unit for P2,000,000. The zonal value is P2.500,000. The title to the property was transferred in the name of Lito. the company's finance manager. How much is the fringe benefit tax due? a. P 1,076,923 b. 269,231 d. C. 1,346,154 None CS Scanned with CamScanner(16. A 28.5-acre parcel of land in Orange County sells for $4,100 per acre. What is the documen- real estate problem 16.) A 28.5-acre parcel of land in Orange Count sells for $4,100 per acre. What is the docume tary stamp tax on the deed? a. $409.15 b. $642.85 c. $817.95 d. $818.30Consider two tax systems. Tax system A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000, then 50% on all taxable income above $50,000. Tax system A has a standard deduction of $5,000. Tax system B has a flat tax rate of 30% on all taxable income and a standard deduction of $10,000. Consider 2 individuals, the first with income of $51,000 and the second with income of $56,000. (a) Calculate the average and the marginal tax rates of both individuals under both tax systems.
- What is the tax on a property with an assessed value of $88,700 if the tax rate is 4.5% of the assessed value? Property tax = $(Round to the nearest cent.)Homework i Firm E must choose between two alternative transactions. Transaction 1 requires a $13,250 cash outlay that would be nondeductible in the computation of taxable income. Transaction 2 requires a $18,700 cash outlay that would be a deductible expense. Required: a. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. b. Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 45 percent. Complete this question by entering your answers in the tabs below. Required A Required B After-tax cost Determine the after-tax cost for each transaction. Assume Firm E's marginal tax rate is 25 percent. Note: Negative amounts should be indicated by a minus sign. @ Transaction 1 20 #C Transaction 2 % Saved & 7 2 * O HQUESTION 8 Given the following information, calculate the total annual tax liability of the homeowner: market value of property: $350,000; assessed value of property: 40% of the market value; exemptions: $2,000; millage rate: 33.95 mills. O $11, 882.50 O $4,753.00 O $4,685.10 O $46,851.00
- Question 3: Property tax Aamir owns property with an assessed value of $500,000. Khaled’s property has an assessed value of $1.5 million. Property tax has the following tax brackets:2% for value less than $1million and 1% for value in excess of $1 million. Calculate the amount of Property Tax payable to the government by Aamir and Khaled? Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?5. Cartridge Company owns a fleet of motor vehicles. In 2018, one of the cars which was acquired at a cost of P800,000 was allowed to be used by the general manager. During the year, its book value amount to P775,000. How much will be the fringe benefit tax due thereon? P 86,154 43,077 10,433 · 37,647 С. a d. b. 6. Suppose Cartridge Company is just leasing the car that is being used for personal purposes and is paying a monthly rental of P10,000. The fringe benefit tax is - P. 2,692 2,353 С. d. 5,385 2,576 a. b. S Scanned with CamScannerLeo's townhouse has a market value of $310,000. The property in Leo's area is assessed at 40% of the market value. The tax rate is $145.10 per $1,000 of assessed valuation. The tax for Leo is A. $7,999.40. B. $16,992.40. C. $7,999.30. D. $17,992.40.