The table displays information about property tax calculation. It contains three columns:1. **Tax rate**: The rate is specified as $42.50 per $1,000.2. **Assessed value**: The property has an assessed value of $105,000.3. **Amount of property tax due**: This column is empty, suggesting that the amount of tax due needs to be calculated.To calculate the property tax due, use the formula:\[ \text{Property Tax Due} = \left(\frac{\text{Assessed Value}}{1000}\right) \times \text{Tax Rate} \]For this example:\[ \text{Property Tax Due} = \left(\frac{105,000}{1000}\right) \times 42.50 \]\[ \text{Property Tax Due} = 105 \times 42.50 = 4,462.50 \]Thus, the amount of property tax due is $4,462.50.

Tax is a liability every individual has to pay to the government on the basis of their taxable…

Answered: Tax rate Assessed value Amount of…

Business

Accounting

Tax rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jeremy (unmarried) earned $101, 000 in salary and $6, 100 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $25,000 in itemized deductions. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,080. What is Jeremy's tax refund or tax due including the tax on the capital gain?Schedule Z - Head of Household
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? a S132.111.11 b. $58.328.24 $524.35 d.$2.434.90
Itemize deductions or take the standard deductions Deductible expenditures are $ 8700 interest home mortage , $ 2000 charity, $609 state taxes. Standard deduction $ 12000
Duela Dent is single and had $182,400 in taxable income. Using the rates from Table 2.3, calculate her income taxes. What is the average tax rate? What is the marginal tax rate? Note: Do not round intermediate calculations and round your income tax answer to 2 decimal places, e.g., 32.16. Enter the average and marginal tax rate answers as a percent, rounded 2 decimal places, e.g., 32.16. Income taxes Average tax rate Marginal tax rate % %
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
Please show work and explain
Individual Taxpayers Income Tax Bracket ($) 0 - 9,700 9,701 - 39,475 39,476- 84,200 84,201 - 160,725 160,726 - 204,100 204,101 - 510,300 510,301 - 10% within bracket $970+ 12% within bracket $4,543 + 22% within bracket |$14,382.50 +24% within bracket $32,738.50 +32% within bracket $46,628.50 +35% within bracket Taxes Owed $153,798.50 +37% within bracket TABLE 2: 2019 tax brackets Exercise 3: Your income is $2,500,000 (2.5 million dollars) a) Compute your federal income tax b) Compute your effective tax rate
Subject: accounting
Paul makes $75,000. 0% on income from $0 - $12,000 10% on income from $12,000 - $24,000 25% on income from $24,000 - $65,000 35% on income from $65,000 + What is Paul's effective tax rate? $14,950 19.9% 35% 25%
! Required information [The following information applies to the questions displayed below.] Emily, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in cash wages. Assume Emily has no dependents. Emily deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) b-1. Suppose Emily receives a competing job offer of $120,000 in cash compensatic $5,000. What is the amount of Emily's after-tax compensation for the competing offer? (Round your intermediate calculations and final answer to the nearest whole dollar amount.) and nontaxable ded) benefits worth Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income 2$ (4) Standard deduction (5) Taxable income 2$ (6) Income tax liability After-tax compensation
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.