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lana [24]
3 years ago
13

A homesteaded property is located in Pensacola, Florida, in Escambia County. The city tax rate is 8.8 mills, the county tax rate

is 9.2 mills, and the school district tax rate is 6.5 mills. The homeowner is a widower and has qualified for homestead exemption. The home has been assessed at $183,500.. How much will the owner pay in property taxes?
Business
1 answer:
WITCHER [35]3 years ago
5 0

Answer:

$3,445.50

Explanation:

Florida's homestead exemptions reduce $25,000 to a property's assessed value and applies to all property taxes: county, city and school district. A $25,000 additional exemption also applies for county and city taxes only.

For calculating school district taxes we must subtract $25,000 from the assessed value = $183,500 - $25,000 = $158,500, now we divide by $1,000 to calculate the mills = $158,500 / $1,000 = 158.5 which we must round up to 159.

To determine county and city taxes we should subtract 25 mills (equivalent to another $25,000 in homestead exemption) = 159 - 25 = 134

county taxes = 134 mills x $9.20 per mill = $1,232.80

city taxes = 134 mills x $8.80 per mill = $1,179.20

school district taxes = 159 mills x $6.50 per mill = $1,033.50

total property taxes = $1,232.80 + $1,179.20 + $1,033.50 = $3,445.50

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During the year, Juanita has the following income: Gift from her father to help with her student loans $8,500 Interest income on
stich3 [128]

Answer:

$565

Explanation:

First of all, the person that receives a gift does not pay taxes for it. Also, proceeds from a life insurance policy are not taxable either. Municipal bonds are not taxed by the federal government.

This means that Juanita's taxable income = $400 interests from Treasury bonds + $165 interests from savings account = $565.

6 0
3 years ago
On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,080 from a customer with an overdue balance. The accrued
stiks02 [169]

Answer: $18

Explanation:

From the question, we are informed that On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,080 from a customer with an overdue balance.

The accrued interest recorded for this note for the year ended December 31, 2019 goes thus:

The value of notes receivable is $1080, then the interest for 5 months will be:

= ($1080 × 10% ×5)/100 × 12

= $54000/1200

= $45

We are further told that the interest accrued from November 1, 2019 to December 31, 2019. This means that it was for 2 months. The accrued interest will now be:

= $45 × 2/5

= $90/5

= $18

3 0
3 years ago
Rochester Corp. holds a 15% equity investment in LaCrosse Inc. Reedsburg Investments holds 45% of LaCrosse’s stock. On October 1
IceJOKER [234]

Answer:

Rochester Corp

Increase

Reedsburg Investments

No effect

Explanation:

Rochester Corp will Increase and Reedsburg Investments will show No effect

Therefore Rochester Corp. should go ahead and use the fair-value method in order to account for its own investment in LaCrosse.

This means the dividend would increase the net income while the Payment of dividends would tend to Increase the investment account on Reedsburg’s balance sheet, but will have or shown no effect on its income statement.

4 0
3 years ago
Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows: January $ 8,200 April $ 8
bulgar [2K]

Answer:

The  total dollar interest payments for the six months is $303.33

Explanation:

The computation of the total dollar amount for the six month is shown below:

= (January financing × annual interest rate) ÷ (total number of months in a year) + (February financing × annual interest rate) ÷ (total number of months in a year) + (March financing × annual interest rate) ÷ (total number of months in a year) + (April financing × annual interest rate) ÷ (total number of months in a year) + (May financing × annual interest rate) ÷ (total number of months in a year) + (June financing × annual interest rate) ÷ (total number of months in a year)

= ($8,200 × 6.0%) ÷ 12 months + ($2,200 × 7.0%) ÷ 12 months + ($3,200 × 10.0%) ÷ 12 months + ($8,200 × 13.0%) ÷ 12 months + ($9,200 × 12.0%) ÷ 12 months + ($4,200 × 12.0%) ÷ 12 months

= $41 + $12.83 + $26.67 + $88.83 + $92 + $42

= $303.33

5 0
3 years ago
Jones Co. had 50,000 shares of $5 par value common stock outstanding at January 1.
koban [17]

Answer:

The correct option is B,105,000 common shares

Explanation:

The number of shares that Jones Co. has outstanding at 31 December is calculated thus:

Shares at the beginning of the year                    50,000

Stock dividend of 5%(5%*50000)                         2,500

Total  at this point                                                  52,500

2:1 stock split 2/1*52500                                       105,000

The common shares were reorganized in such a way that 2 shares were given to shareholder currently  holding one share,in other words, the number of shares outstanding in the company doubled.

But it is important that this arrangement does not change the equity stake of individuals in the company as the percentage shareholding remains the same

6 0
3 years ago
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