Calculate the assessed value and the property tax due on the following properties.
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Contemporary Mathematics for Business and Consumers
- Based on the federal tax chart what are the taxes owed in the following situation Taxable income $45,000arrow_forwardwithdrawing $10 every week from an outstanding balance $400arrow_forwardCalculate the assessed value ( in $) and the property tax (in$) on the property. Fair market value : $296,000 Assessed rate : 80 Property tax rate : $25.80 per $1000 What is the assessed value ? What is the property tax due?arrow_forward
- Tax ratearrow_forwardCalculate the assessed value ( in$) and the property tax due (in$) on the property. Fair market value- $195,000 Assessment rate - 100 Property tax rate - $1.20 per $100 What is the assessed value ? What is the property tax due?arrow_forwardWhat are the social security and Medicare taxes due on gross earnings of $42,600 per year for a self-employed person? Gross Earnings Rate Withholding Social security Medicarearrow_forward
- Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Name TaxableIncome TaxLiability Net Incomeafter Taxes Corporation 3 $15,850,000arrow_forwardUnmarried head of household with two dependent childrenGross Income: $70,000Adjustments: $2,000Deductions:$10,000 mortgage interest$2500 property taxes$1200 charitable contributionsTax Credit: NoneI. Find the Adjusted Gross Income.II. Find the Taxable Income.III. Find the tax owedarrow_forward
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