In county A, property is assessed at 35% of market value, with a tax rate of 37.6 mills.In county B, property is assessed at 24% of market value, with a tax rate of 39.3 mills.A company is trying to decide where to place a building with a fair market value of$85,000. Which county would charge the lower property tax? Find the difference.Which county would charge the lower property tax?County ACounty BWhat is the annual savings?(Round to the nearest cent.)

Property tax is assessed by multiplying the Fair market value of the property with tax rate and…

Answered: Which county would charge the lower…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Based on the following data, calculate the items requested: Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation Rental Costs Annual rent Insurance Security deposit $ 8,230 $ 230 $ 1,075 Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. Rental cost Buying cost a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) $ 10,450 (10,000 is interest) $ 2,120 $ 5,150 $ 450 $1,900 $ 2,550 b. Would you recommend buying or renting? O Renting O Buying
What's the rate of return you would earn if you paid $1,480 for a perpetuity that pays $90 per year? O a. 6.47% O b. 3.04% O c. 6.08% O d. 12.95% O e. 12.16%
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $56,000,000 Total Taxes Required $2,600,000 Percent X % Property Tax Rate Per $100 (in $) $4.64 X Per $1,000 (in $) $ 46.43 Mills 46.43
Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.
Question 3 of 10 Calvin received bimonthly paychecks of $2007.25 last year. If 17.1% of his yearly income got withheld for federal income tax, how much got withheld for federal income tax from each of Calvin's paychecks last year? O A. $82.38 O B. $34.32 O C. $343.23 O D. $823.78 LI
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your a two decimal places.) Community Total Assessed Property Valuation Total Taxes Required Ellingham Submit Answer $55,000,000 $2,400,000 43 Property Tax Rate Percent Per $100 (in 5) Per $1,000 (in $) Mills X% $43 x $ 43.64 ✓ 0.000044 x
Marginal tax rates Using the tax rate schedule attached Perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $16,800; $59,500; $89,600; $151,000; $245,000; $451,200; $1,000,000 b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).
(16. A 28.5-acre parcel of land in Orange County sells for $4,100 per acre. What is the documen- real estate problem 16.) A 28.5-acre parcel of land in Orange Count sells for $4,100 per acre. What is the docume tary stamp tax on the deed? a. $409.15 b. $642.85 c. $817.95 d. $818.30
15. Tax Deferred Retirement Benefits. If a person with a 24 percent tax bracket makes a deposit of $5,500 to a tax-deferred retirement account, what amount would be saved on cuIrent taxes? Type here to search ho 17 to to 144 f4 40 ?. 7. 8. %23 4. 7. 60 00 LO 96 %24 2.
13.E J owns some property that has an assessed value of $415,920. Calculate the tax due if the tax rate is 33.25 mills. (Round your answer to the nearest cent.) a.$13,725.36 b.$13,829.34 c.$16,636.80 d.$17,988.54
Calculate the property tax rate required to meet the budgetary demands of the community. Note: When calculating budgetary demands, always round up. (Round your answers to two decimal places.) Community Ellingham Total Assessed Property Valuation $53,000,000 Total Taxes Required $2,900,000 5.47 Percent X % $ Property Tax Rate Per $100 (in $) $ Per $1,000 (in $) Mills
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90

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Which county would charge the lower property tax? O County A O County B What is the annual savings? (Round to the nearest cent.) %24