Suppose Ms. Heiter's property has an assessed value of $230,000. She originally paid $60,000 to purchase the land and paid $120,000 to build the structure on it. The property tax rate in Ms. Heiter's municipality is 4 percent. What does Ms. Heiter owe in property taxes annually?
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- The home of Bill Burton is assessed at $93,000. The tax rate is 18.7 mills. What is the tax on Bill's home? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Property taxBill Shass pays a property tax of $2,000. In his community, the tax rate is 50 mills. What is Bill's assessed value? Note: Do not round intermediate calculations. Assessed valueSally owns real property for which the annual property taxes are $19,280. She sells the property to Kate on April 2, 2021, for $964,000. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. Question Content Area a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $fill in the blank and Kate can deduct $fill in the blank of the property taxes. b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased by the $fill in the blank she paid that is apportioned to Sally.
- Janet owns a home at the lake. She incurs the following expenses: Mortgage interest Property taxes Insurance Utilities $ 1,700 1,000 1,800 Repairs Depreciation Required: 2,100 400 4,400 What is the proper treatment of the rental income and expenses in each of the following cases? Use the Tax Court allocation method, if applicable. Note: Round your intermediate computations to 5 decimal places and final answers to nearest whole dollar value. Rental Personal-Use Days Case Income Days Rented A $ 10,000 45 10 B 13,000 55 25 CD 7,000 10 30 D 23,000 365 0 Income Mortgage interest Property taxes Insurance Utilities Repairs Depreciation Rental income Case A Case B Case C Case D Schedule E Schedule A/No Deduction Schedule E Schedule A/No Deduction Schedule EConsider the following scenarios: i (Click the icon to view the scenarios.) Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is $ $ C 0 4,000 b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand of the scholarship was designated for room and board and laundry. It was understood that Marty would participate in…Bill Shass pays a property tax of $3,200. In his community, the tax rate is 50 mills. What is Bill’s assessed value? (Do not round intermediate calculations.)
- Sally owns real property for which the annual property taxes are $9,000. She sells the property to Kate on March 9, 2021, for $550,000. Kate pays the real property taxes for the entire year on October 1, 2021. Assume a 365-day year. Round any division to four decimal places. Round your final answers to the nearest dollar. a. How much of the property taxes can be deducted by Sally and how much by Kate? Sally can deduct $ 1,652 and Kate can deduct $ 7,348 of the property taxes. b. What effect does the property tax apportionment have on Kate's adjusted basis in the property? Kate's adjusted basis for the property is increased by the $ 1,652 she paid that is apportioned to Sally. c. What effect does the apportionment have on Sally's amount realized from the sale? Sally paid none of the real property taxes and is permitted to deduct the apportioned share of $ 542,652 Her amount realized is increased by this amount. d. How would the answers in parts (b) and (c) differ if Sally paid the…Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. Question Content Area a. Wilson filed his individual tax return on the original due date, but failed to pay $2,310 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late (not over 60 days), calculate the amount of his failure-to-pay penalty.$fill in the blank b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $725, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$fill in the blankWhat is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
- Consider the following information regarding the Smith family, a married couple with 3 children. The Taxable Income on Line 15 is $160,000. Calculate the tax on this amount that would be entered on Line 16 of the couple's 2021 Form 1040. Round your answer to the nearest dollar. Do NOT enter a dollar sign. Use a comma if appropiate.Ossie owns some property which has an assessed value of $174,800. Find the tax due if the tax rate is $8.88 per $100 of the assessed value. (Round your answer to the nearest cent.) A. $1,552.22 B. $13,809.20 C. $15,382.40 D. $15,522.24State whether each of the following payments is a tax. Explain your answers. To incorporate his business, Alex pays the state of Texas a $2,000 incorpora tion fee. The city paves a road and assesses each property owner on the road $4,000 for his or her share of the cost. The city of Asheville charges each residence in the city $10 per month to pick up the trash. Rory pays $450 of income tax to the state of California. Lanny is fined $45 for exceeding the speed limit.