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?

Required Information [The following information applies to the questions displayed below.] Aruna, a sole proprietor, wants to sell two assets that she no longer needs for her business. Both assets qualify as §1231 assets. The first is machinery and will generate a $31,250 §1231 loss on the sale. The second is land that will generate a $15,200 §1231 gain on the sale. Aruna's ordinary marginal tax rate is 32 percent. Note: Input all amounts as positive values. a. Assuming she sells both assets in December of year 1 (the current year), what effect will the sales have on Aruna's tax liability? Aruna's tax will decrease by

chuck a single taxpayer, earns $78,300 in taxable income and $13, 600 in interest from an investment in city of heflin bonds. if chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?what is his marginal rate if, instead he had $40,000 of additional deductions?              ReplyForward

ces Aram's taxable income before considering capital gains and losses is $74,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Problem 4-30 Part a (Algo) a. Aram sold a capital asset that he owned for more than one year for a $5,280 gain, a capital asset that he owned for more than one year for a $640 loss, a capital asset that he owned for six months for a $1,480 gain, and a capital asset he owned for two months for a $1,040 loss. Taxable income Income taxed at ordinary rates

Lisa has the following items related to her taxes:Federal tax refund (amount she overpaid)     $3000Federal taxes withheld from her paycheck    $4000California taxes withheld from her paycheck    $3000Property tax paid on her personal residence:   $9000What is the amount her itemized deduction for taxes? Select one: a. $13,000 b. $12,0000 c. $10,000 d. $16,0000