You own an a townhome with an assessed value of $184,100. The tax rate is $2.20 per $100 of assessed value (Round your answers to the nearest cent.)   (a) What is the amount of property tax (in $)?   (b) If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?    (c) If the state charges a mandatory 3 1/2% penalty for late payments, how much (in $) would the tax bill amount to if you paid late?

How much and where on the tax return would Jessica James, a cash-basis farmer, deduct $8,544 mortgage interest expense; 20% allocable to her home and 80% allocable to the farm land?   (a) $1,709 on Schedule A, and $6,835 increases the basis of the farm land. (b) $1,709 on Schedule A, and $6,835 on Schedule F. (c) $6,835 on Schedule A. (d) $6,835 on Schedule F.

2-3 Computing Graduated State Income Tax Rather than a flat percentage rate, some states have what is known as a graduated income tax. This means that your state income tax is computed at a varying rate each time you reach a new income level. The higher your income, the greater your tax. Example Find the amount of state income tax deducted from each paycheck. Carla Erpelding's annual salary is $28,500. She is paid biweekly. Her personal exemptions total $1,500. The state income tax is calculated on the following graduated basis: 2.5 percent of the first $25,000 and 3.5 percent over $25,000. 1. Find the taxable wages. - ($28,500 $1,500) = $27,000 2. Find the annual tax withheld. First $25,000: = ($25,000 x .025) = $625 Over $25,000 = ($27,000-$25,000) x .035 = $2,000 x .035 = $70 Annual Tax = $625+ $70 = $695 3. Find the tax per period. Annual Tax Number of Pay Periods per Year = Tax Withheld per Pay Period $695.00 ÷ 26 = $26.73 tax per pay period Practice Using the following graduated…

If you qualified for the third stimulus check of $1,400 issued during the first or second quarter of 2021 and spent all of it on taxable items in your hometown with a sales tax rate of 9.23%, how much did you spend on your items and how much did you spend on taxes? Note: Round your final answers to the nearest cent. Amount spent on items Amount spent on taxes

New Hampshire ranked as the #1 most expensive state for property taxes. The median property tax was $4,636. If the rate was $1.46 per $100 of assessed value, how much did a homeowner owe for a property assessed at $380,250? Note: Round your answer to the nearest cent. Property tax

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $216,000, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? Note: Round your final answer to the nearest cent. Average homeowner pay in property tax

A homeowner recently bought a $200,000 house.  It is assessed for $180,000 in Caddo Parish.  The house is inside the city limits.    Please note that property taxes are calculated based on the assessed value, not the sale price. In this case then use $180,000.   1) What is the tax bill for Caddo Parish if the tax rate is 150 mills? 2)What is the tax bill for the City of Shreveport if the tax rate is 55 mills? (remember the homestead exemption does not apply for city taxes).

9. Nanette Davis' home is assessed at $250,000. If the tax rate is 4.95 mills, what is the tax on her home?

Perkin Corporation has determined that it qualifies for a tax credit in the amount of $120,000. For the current year, it has tax liability before credits of $75,000. It expects at least that amount of tax liability next year.  Required: If the excess credit is not refundable but may be carried forward, calculate the value of the credit. Assume Perkins uses a 4 percent discount rate to calculate present value.  If the excess credit is refundable, what is the value of the credit?

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