You own an a townhome with an assessed value of $183,900. 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 3.5% penalty for late payments, how much (in $) would the tax bill amount to if you paid late? $

You own an a townhome with an assessed value of $183,900. 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 3.5% penalty for late payments, how much (in $) would the tax bill amount to if you paid late? $

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 18P

See similar textbooks

Similar questions

You own a townhome with and assessed value of 182,300. The tax rate is $2.20 per $100 of assessed value round your answer to the nearest cent? A-what is the amount of property tax in dollars? B-if the state offers a 4% discount for early payment how much and dollars 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 dollars with the tax bill amount too if you paid late ?
You own an a townhome with an assessed value of $184,600. The tax rate is $2.20 per $100 of assessed value. (Round your answers to the nearest cent.) propery tatx $4061.20 If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early? If the state offers a 4% discount for early payment, how much (in $) would the tax bill amount to if you paid early?
Assume that your starting salary will be $55,000 per year, and assume that you have no additional income sources. Also, assume that Federal income taxes are 27% of your gross income, and that there is not any state tax in Texas. What is your monthly net income?
You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $705,250. (a)How much of this revenue was sales (in $) and how much was sales tax (in $)? (b)How much sales tax (in $) should be sent to the city? (c)How much sales tax (in $) should be sent to the state?
You are the owner of Caché, a chain of women's clothing boutiques. Your state has a sales tax of 7%, and your city has an additional sales tax of 1.5%. Each quarter you are responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue, including sales tax, of $813,750. (a) How much of this revenue was sales (in $) and how much was sales tax (in $)? sales $sales tax $ (b) How much sales tax (in $) should be sent to the city? $ (c) How much sales tax (in $) should be sent to the state? $
You are the owner of Cache, a chain of women’s clothing boutiques. Your state has a sales tax of 5% and your city has an additional sales tax of 1.5%. Each quarter you’re responsible for making these tax deposits to the city and state. Last quarter your stores had total revenue including sales tax of $266,250. A- how much revenue was sales in dollars, and how much is sales tax in dollars? B-how much sales tax in dollar should be sent to the city? C- how much sales tax and dollars should be sent to the state?
Suppose a tax is such that an individual with an income of $10,000 pays $2000 of tax, a person with an income of $20,000 pays $3000 of tax, a person with an income of $30,000 pays $4000 of tax, and so forth. What is each person’s average tax rate? Is this tax regressive, proportional, or progressive?
If you pay $1,432.40 in taxes, how much would be put toward townships if your state puts $0.03 of each dollar toward townships?
A residence has a market value of $250,000. The municipality's tax policy is set at 80%. Real estate owners must pay two separate taxes: the municipality tax and an education tax. The tax rates for each are set at 1.25% and 0.75% respectively. 1. Calculate the total property tax bill
Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local taxes if their gross annual household income is S85,420? a.$3.559.17 b. $8,542.00 C. $20.500.80 d. $29,897.00
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
You are filling out your 1040 form for tax season. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax table, you find you should have paid $3,016 in Federal Taxes. Do you get a refund or do you owe the government money? Why?