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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

**Find the adjusted gross income.**

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