Match between columns Premises: Assessed Rate Property Tax Market Value Personal Property Assessed Value

The Answer of Tax imposed on a property owner to is...

Exam 6: Taxes | Examlex

Pyuish and Vi Kashia file a 1040 jointly. Pyuish earned $37,570 and Vi earned $41,230. The Kashias have three children. Both Pyuish and Vi contributed $2,000 to their IRAs. They had $3,129 in medical and dental expenses. They paid $2,670 in real estate taxes, $1,220 in student loan interest, $4,890 in mortgage interest, and made $3,000 in charitable contributions. What is their taxable income?

Free

(Essay)

4.8/5

(29)

Question 1

Correct Answer:

Verified

$45,520; Total income: $78,800; subtract the IRA contributions; $78,800 - $4,000 = $74,800; Medical and dental of $3,129 is less than 7.5% of adjusted gross income, so it is not deductible. Total deductions: $11,780; Deduct for exemptions: 5 × $3,500 = $17,500 Subtract deductions and exemptions from the adjusted gross income: $74,800 - $11,780 - $17,500 = $45,520

Baji earned $5,900 the first quarter. By the end of the second quarter, his total earnings were $10,850. How much state unemployment tax did Baji's employer pay for Baji's second quarter earnings if the SUTA rate is 5.3%?

Free

(Short Answer)

4.7/5

(35)

Question 2

Correct Answer:

Verified

$164.30;

A school district has placed a tax levy on the ballot requesting 6.7 mills because a previous 4.9 mill levy is due to expire. The assessment rate in the district is 60%, and the total market value of property in the district is $768,000,000. How much additional funding will the new levy generate for the school district?

Free

(Essay)

4.7/5

(35)

Question 3

Correct Answer:

Verified

$829,440; Find the assessed value: 0.6(768,000,000) = $460,800,000 Convert the old levy and the new levy to dollars: 4.9 ÷ 1,000 = 0.0049; 6.7 ÷ 1,000 = 0.0067; Multiply the assessed value by the tax rate in dollars: $460,800,000 × 0.0049 = $2,257,920; $460,800,000 × 0.0067 = $3,087,360; Find the difference between the amounts for the additional funding amount: $3,087,360 - $2,257,920 = $829,440

A low-income worker who qualifies for the EIC, Earned Income Tax Credit, could have a credit that is more than the federal taxes withheld.

(True/False)

4.9/5

(32)

Question 4

The Technology Center had total wages of $316,900 in the first quarter. The SUTA rate in that state is 5.5%. How much state unemployment tax will the company pay if none of its employees reached the maximum amount of $9,000?

(Multiple Choice)

4.9/5

(32)

Question 5

Malcolm qualifies to use a 1040EZ form for his taxes. His total wages for the year were $19,800. He does not claim himself as a dependent because his parents claim him. What is his taxable income?

(Short Answer)

4.8/5

(35)

Question 6

Calculate the federal unemployment tax due for an employee with gross earnings of $10,450. Use 0.08% up to and including $7,000.

(Short Answer)

5.0/5

(30)

Question 7

The Maxwell's house is assessed at $360,500. This year, they owe $11,716.25 in property taxes. What is their tax rate?

(Short Answer)

4.9/5

(31)

Question 8

What tax document is supplied by an employer to an employee which shows the federal taxes, Social Security, and Medicare taxes withheld?

(Short Answer)

4.8/5

(35)

Question 9

Match each statement to the item listed below.

Assessed Rate

Tax imposed on a property owner to pay for public services

Property Tax

An arbitrary rate set by the taxing body

Market Value

The value of a property listed in tax records for taxation purposes

Correct Answer:

Verified

Assessed Rate

Property Tax

Market Value

Personal Property

Assessed Value

(Matching)

4.8/5

(27)

Question 10

Preston's house is assessed at $145,000. He received a tax assessment for $9,425. What is his tax rate?

(Essay)

4.9/5

(38)

Question 11

Kathy's house is assessed at $113,000. This year, she owes $6,780 in property taxes. What is her tax rate?

(Multiple Choice)

4.8/5

(31)

Question 12

A state has a state unemployment tax rate of 5.2%. What is the FUTA rate in that state?

(Short Answer)

4.9/5

(38)

Question 13

Mitchell Joseph is married. His wife Jennifer is currently unemployed, and she does not receive unemployment benefits. Mitchell earned $24,500 as a machinist. Mitchell's income tax withholding was $843. Mitchell and Jennifer had $785 in capital gains and $245 in interest income. They jointly file a 1040A when doing their taxes. Using a tax table, determine how much additional tax they owe or what is their refund.

(Short Answer)

4.9/5

(44)

Question 14

Mary Slovick is buying a house. The first house she considers is assessed for $230,000 and has a property tax rate of $4.25 per $100. A second house has an assessment value of $250,000 and has a property tax rate of 34 mills per dollar. What is the difference in the property tax amounts?

(Multiple Choice)

4.8/5

(37)

Question 15

Jan and Frank Campasio qualify to use a 1040EZ form for their taxes. Their total wages for the year were $59,800. They have no dependents except for themselves. What is their taxable income?

(Multiple Choice)

5.0/5

(49)

Question 16

The tax rate on the Callahan's house is $2.25 per $100. The market value of their home is $526,000 and the assessed value is 65%. How much tax is due?

(Multiple Choice)

4.9/5

(29)

Question 17

Mr. and Mrs. Evans want to buy a house. One house they are considering is assessed for $116,000 and has a property tax rate of 41.2 mill per dollar. A second house is assessed for $125,000 and has a property tax rate of $3.50 per $100. What is the difference in the property tax amounts?

(Essay)

4.8/5

(22)

Question 18

Raymond and Jackie Davis are married and file a 1040 jointly. Raymond earns $35,000 and Jackie earns $43,400 for the year. They have five children. They have earned interest of $800 and both contributed $3,500 to individual IRAs. Their itemized deductions are $6,281 in medical and dental expenses, $7,290 in real estate taxes, $10,120 in home mortgage interest, $1,150 in student loan interest, and $4,800 in charitable contributions. Calculate Raymond and Jackie's taxable income.

(Short Answer)

4.7/5

(45)

Question 19

Janet and Pat McGuire are married and file a 1040 jointly. Janet earns $28,000 and Pat earns $18,500 for the year. They have two children. They have earned interest income of $240. Janet contributed $2,000 to her IRA and Pat contributed $1,500 to his. Their itemized deductions are $3,750 in medical and dental expenses, $4,500 in real estate taxes, $7,480 in home mortgage interest, $1,000 in student loan interest, $1,100 in personal property taxes, and $675 in charitable contributions. Together, they had $3,200 withheld for taxes. Use a tax table. Which is true about how much Janet and Pat either owe in taxes or have due as a refund?

(Multiple Choice)

4.9/5

(43)

Question 20

Showing 1 - 20 of 46

Baji earned $5,900 the first quarter. By the end of the second quarter, his total earnings were $10,850. How much state unemployment tax did Baji's employer pay for Baji's second quarter earnings if the SUTA rate is 5.3%?

A low-income worker who qualifies for the EIC, Earned Income Tax Credit, could have a credit that is more than the federal taxes withheld.

The Technology Center had total wages of $316,900 in the first quarter. The SUTA rate in that state is 5.5%. How much state unemployment tax will the company pay if none of its employees reached the maximum amount of $9,000?

Malcolm qualifies to use a 1040EZ form for his taxes. His total wages for the year were $19,800. He does not claim himself as a dependent because his parents claim him. What is his taxable income?

Calculate the federal unemployment tax due for an employee with gross earnings of $10,450. Use 0.08% up to and including $7,000.

The Maxwell's house is assessed at $360,500. This year, they owe $11,716.25 in property taxes. What is their tax rate?

What tax document is supplied by an employer to an employee which shows the federal taxes, Social Security, and Medicare taxes withheld?

Preston's house is assessed at $145,000. He received a tax assessment for $9,425. What is his tax rate?

Kathy's house is assessed at $113,000. This year, she owes $6,780 in property taxes. What is her tax rate?

A state has a state unemployment tax rate of 5.2%. What is the FUTA rate in that state?

Mary Slovick is buying a house. The first house she considers is assessed for $230,000 and has a property tax rate of $4.25 per $100. A second house has an assessment value of $250,000 and has a property tax rate of 34 mills per dollar. What is the difference in the property tax amounts?

Jan and Frank Campasio qualify to use a 1040EZ form for their taxes. Their total wages for the year were $59,800. They have no dependents except for themselves. What is their taxable income?

The tax rate on the Callahan's house is $2.25 per $100. The market value of their home is $526,000 and the assessed value is 65%. How much tax is due?

Mr. and Mrs. Evans want to buy a house. One house they are considering is assessed for $116,000 and has a property tax rate of 41.2 mill per dollar. A second house is assessed for $125,000 and has a property tax rate of $3.50 per $100. What is the difference in the property tax amounts?

Basic Math Functions

Fractions

Percents

Bank Services

Payroll

Insurance

Invoices and Discounts

Markup and Markdown

Interest

Consumer Credit and Mortgages

Metrics and Currency

Filters