Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $220,900, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? Note: Round your final answer to the nearest cent. Average homeowner pay in property tax

Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live by Money magazine. With a population of 86,357, a median home price of $220,900, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? Note: Round your final answer to the nearest cent. Average homeowner pay in property tax

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 72IIP

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Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Fishers, Indiana, was voted one of the top 100 best places to live in 2017 by Money magazine. With population of 86,357, a median home price of $236,167, and estimated property taxes at 10.6 mills, how much does the average homeowner pay in property taxes? (Round your final answer to the nearest cent.)
1. Calculate the taxes and average tax rate for a married couple family of four in the 15 percent bracket with a gross income of $63,000 (close to the national median for a family of four) with $4000 in IRA contributions, a standard deduction of $12,600, $16,200 for four exemptions and two child tax credits of $1000 each. You need to show the details of your calculations in order to receive full credit for this question. (Hint: use Table 4-3 to calculate the taxes, and refer to "Advice from a Seasoned Pro" in section 4.1d to see how the average tax rate is calculated.) 2. What is the marginal tax bracket? Explain why some taxpayers have an effective marginal tax rate as high as 40 percent? Does this mean they pay 40% of their taxable income in taxes?
Describe the tax advantages of home ownership for a person who is single and is considering the purchase of a $200,000 residence with 10% down and an interest rate of 3% and property taxes of $3,000 per year. The person is single, pays other taxes of $8,500, and has additional itemized deductions of $3,000. You may assume a combined federal and state tax rate of 26% if you wish
1. You operate a small car yard which sells cars. Which of the following could you claim a GST input tax credit for?a. Repayments on a loan contract for the building premises. b. Council fees paid to the local council on your owned building premises. c. Costs of getting your windows cleaned once a month paid to someone as wages. d. Insurance premiums paid on the building.
A homeowner recently bought a $200,000 house. It is assessed for $180,000 in Caddo Parish. The house is inside the city limits. Please note that property taxes are calculated based on the assessed value, not the sale price. In this case then use $180,000. 1) What is the tax bill for Caddo Parish if the tax rate is 150 mills? 2)What is the tax bill for the City of Shreveport if the tax rate is 55 mills? (remember the homestead exemption does not apply for city taxes).
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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 tax
Describe the tax advantages of home ownership for a person who is single and is considering the purchase of a $200,000 residence wit 10% down and an interest rate of 3% and property taxes of $3,000 per year. The person is single, pays other taxes of $8,500, and has additional itemized deductions of $3,000. You may assume a combined federal and state tax rate of 26% if you wish. Limit your answer to 200 words
Do you own a home?If yes, how much property tax you pay? From the township, you must have received a letter indicating how much property tax you paid last year and what is the accessed value your property for this year. Does this letter contain fair market value, assessment rate and property tax rate for your property? Comment on why this amount varies from one township to another.
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1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B Wage Income Tax free intertest income Medical expenses paid State income taxes paid 85,000 105,000 2,200 2,200 7,950 3,800 450 3,800 Local property taxes paid Mortgage Interest paid Charitbale contributions 4,000 5,100 2,900 480 a. What is the total taxes owed under each scenario? b. In each scenario, what is the effective tax rate based on Taxable income? In each scenario, what is the marginal tax rate? C.