Taxes on the property buyer Tamara is purchasing are $8,200, due on December 31. If the closing is set for June 29th, using the

Question

2 years ago

10

365-day method, how much of the taxes will be credited to the buyer

1 answer:

trapecia [35] · Answer 1 · 2023-05-19T12:05:38+03:00

$4,044 tax is credited to buyer.

Solution:

$8,200 annual taxes is imposed for 365 days.

hence the tax per day = $\frac{8,200}{365} =$ $22.466

now for a duration of 180 days, that is, from 1 January to 29 June

Total tax imposed = $180\times 22.466 =$ $4044

Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.
A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national).
Around 3000 and 2800, the first known taxation occurred in ancient Egypt. Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation.
Taxes can be paid in cash or in the labor equivalent and can be either direct or indirect.

To learn more about Tax with the given link

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