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21) A taxpayer's property has a market value of
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# Question : 21) A taxpayer's property has a market value of : 2139056

Solve the problem.

21) A taxpayer's property has a market value of \$117,000. The rate of assessment in the area is 30%. The tax rate is \$7.55 per \$100 of assessed valuation. Find the property tax.

A) \$ 883,350.00

B) \$ 2,650.05

C) \$ 8,833.50

D) \$ 265,005.00

22) A taxpayer's property has a fair market value of \$92,000. The rate of assessment in the area is 25%. The tax rate is \$6.76 per \$100 of assessed valuation. Find the property tax.

A) \$ 6,219.20

B) \$ 621,920.00

C) \$ 1,554.80

D) \$ 155,480.00

23) In one county, property is assessed at 45% of market value with a tax rate of 35.8 mills. In a second county, property is assessed at 33% of market value with a tax rate of 42.0 mills. If you had \$110,000 to spend on a house, which county would charge the lower property tax? Find the annual amount saved.

A) First county, \$ 2,475.00

B) Second county, \$ 247.50

C) Second county, \$ 2,475.00

D) First county, \$ 247.50

24) Curt had income from these sources: \$19,794 from his job, \$61 in interest, and \$248 in dividends. He paid \$3,189 in alimony.

A) \$ 16,853

B) \$ 20,103

C) \$ 23,292

D) \$ 16,914

25) Nancy earned \$18,575 in salary, \$1,084 in unemployment compensation, and \$74 in dividends. She contributed \$871 to her Individual Retirement Account.

A) \$ 19,733

B) \$ 20,604

C) \$ 18,788

D) \$ 18,862

26) Tom and Sandy Bowles had incomes of \$19,889 and \$8,129. They also had \$303 in interest income and an adjustment of \$856 in moving expenses.

A) \$ 27,465

B) \$ 27,162

C) \$ 29,177

D) \$ 28,321

27) Juan and Amy Marino had incomes of \$23,730 and \$25,661. They also had \$175 in stock dividends and \$859 in interest. They both contributed to their Individual Retirement Accounts in amounts of \$1,068 and \$1,134.

A) \$ 52,627

B) \$ 50,425

C) \$ 48,223

D) \$ 48,048

Find the amount of taxable income and the tax owed for the following people. The letter following

the name indicates the marital status and all married people are filing jointly. Use \$4050 for each personal

exemption; \$6300 as the standard deduction for single taxpayers, \$12,600 for married taxpayers filing

jointly, and \$9300 for head of household and the following tax rate schedule.

28)

A) \$ 23,955; \$ 3,220.75

B) \$ 20,268; \$ 2,667.70

C) \$ 17,655; \$ 2,184.50

D) \$ 22,205; \$ 2,905.75

29)

A) \$ 43,444; \$ 6,632.25

B) \$ 43,444; \$ 6,144.10

C) \$ 46,287; \$ 7,721.75

D) \$ 47,494; \$ 7,998.50

30)

A) \$ 3,416; \$ 341.60

B) \$ 8,866; \$ 957.40

C) \$ 2,011; \$ 201.10

D) \$ 6,061; \$ 606.10

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