If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that state’s taxable value? $650 million $65 million $6 million $499,000
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If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that state’s taxable value?
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- If you live in a state that needs to collect $18 million in property taxes and has a tax rate of 2.77%, what is that states taxable valueLet's assume you live in a country with a progressive tax system that has the following tax brackets: • 0% on income up to $10,000 • 10% on income between $10,001 and $50,000 • 20% on income between $50,001 and $100,000 • 30% on income above $100,000 Suppose your annual income is $75,000. How much tax do you pay? a. $10,000 b. C. d. $7500 $8500 $900012 If your state has a property tax rate of 0.063, and you pay $8,323 in property taxes every year, what is the assessed value of your property?
- Scenario: You have just been hired by the country of "Shorelinia" to create a tax system. Your tax system must collect at least $1,000 billion in revenue. You have three taxes to choose from; income tax, sales tax, and payroll tax. a) Step 1.A.1. - Personal Income Tax rates You must decide personal income tax rates for 3 income groups: lower, middle, and upper income. (For each group you will choose the marginal tax rate. Your choices are 0%, 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, or 50%.) In the table below, you will find how much revenue you will collect from each income group. Income tax revenue (in billions of $) at various tax rates 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Lower $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 Middle $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 Upper $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 The income tax rates will be: Lower (income under $40,000) =…Imagine the country is made up of 100 households. The federal government needs to collect $800,000 in income taxes to be able to function. The population consists of 6 groups: Group A: 20 households that earn $12,000 each Group B: 20 households that earn $29,000 each Group C: 20 households that earn $50,000 each Group D: 20 households that earn $79,000 each Group E: 15 households that earn $129,000 each Group F: 5 households that earn $295,000 each This scenario is roughly proportional to the actual United States population and tax needs. We are going to determine new income tax rates. The first proposal we’ll consider is a flat tax – one where every income group is taxed at the same percentage tax rate. 1) Determine the total income for the population (all 100 people together) 2) Determine what flat tax rate would be necessary to collect enough money. The second proposal we’ll consider is a modified flat-tax plan, where everyone only pays taxes on any income over $20,000. So, everyone…Suppose you earn $60,000 per year and pay taxes based on marginal tax rates. The first tax bracket, which taxes at 5 percent, ranges from $0 to $30,000. The second tax bracket, which taxes at 25 percent, ranges from $30,001 to $120,000. How much will you pay in total taxes? Instructions: Enter your answer as a whole number. %24
- The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.Congress would like to increase tax revenues by 5 percent. Assume that the average taxpayer in the United States earns $40,000 and pays an average tax rate of 20 percent. a. If the income effect is in effect for all taxpayers, what average tax rate will result in a 5 percent increase in tax revenues?You received $5,000 in interest revenue during the year. Your federal marginal tax rate was 26% and average tax rate was 20%. How much federal income taxes did you pay? Select one: a. $1,300 b. $1,650 c. $950 d. $1,450 e. $3,300
- Suppose that a nation decides to introduce a new income tax system with the tax brackets shown in the table. Income range Tax rate $0-$20,000 0% $20,001-$39,000 31% $39,001-$70,000 42% $70,001+ 50% Use the table to calculate the average tax rate and marginal tax rate for each of the families. Where applicable, round your answer to the nearest whole number. Byrne family Income $25,000 % Marginal tax rate: % Average tax rate: Smith family19: ? Phil's Dinor purchased some new equipment two years ago for $32,600. Today, it is selling this equipment for $22,000. What is the after-tax cash flow from this sale if the tax rate is 35%? The applicable MACRS allowance percentages are as follows, commencing with Year 1: 20.00, 32.00, 19.20, 11.52, 11.52, and 5.76 percent. A. $19,776.80 B. $18,846.67 D. $20,408.20 E. $25,153.33 C. $24,223.20In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income in Canada, and $75,000 of interest income. What would be its federal Part 1 tax payable? Multiple Choice $81,500 $72,000 $64,000 $16,500