All categories

3 years ago

Find out the municipal taxes you are subjected to. Calculate your average annual tax payments to your municipality.

Business

1 answer:

DENIUS [597]3 years ago

7 0

Answer:

I conducted an online research on the state of Virginia. The state of Virginia has 95 counties, 39 independent cities, and 190 incorporated towns. Only elected governing bodies can impose local taxes in this state of Virginia. A bulk of the local tax money comes from property taxes.

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

Explanation:

The following is the list of municipal taxes a consumer in all counties and cities of the state of Virginia is subjected to:

Items Tax Percentage Districts

Retail sales tax 0.7%

Occupancy tax 2.1% only for the Northern Virginia Planning District

Fee on grantors of real estate $0.15 to $100 of the value of property sold only for the Northern Virginia Planning District

Wholesale distributors of motor fuel 2.1% Hampton Roads Planning District

Restaurant meal 1%

Communication taxes 1.05%

Motor vehicle rental tax 4%

You might be interested in

A forecast that addresses the business cycle by predicting planning indicators is

zloy xaker [14]

Answer:

B. a demand forecast.

Explanation:

3 0

3 years ago

Brad always buys and uses Nike brand golf balls. If he finds a Titleist or Callaway ball in the rough, he gives it away. Brand l

Vikentia [17]

Answer:

B. reduced the price elasticity of demand for its products

Explanation:

3 0

3 years ago

An investment costs $152,000 and has projected cash inflows of $71,800, $86,900, and −$11,200 for Years 1 to 3, respectively. If

Radda [10]

Answer:

No; The IRR is less than the required return.

Explanation:

Calculation of IRR is given by the formula: Lr x NPVL / NPVL - NPVH x (Hr - Lr)

where

Lr = Lower rate of discount

Hr = Higher rate of discount

NPVH = NPV at Higher discount rate

NPVL = NPV at Lower discount rate

Assume a low discount rate of 1% and a high rate of 20%

NPV at 1%

Particulars Year 0 Year 1 Year 2 Year 3

Cash flows 152,000 71,800 86,900 (11,200)

DCF 1% 1 0.99 0.98 0.97

Present values (152,000) 71,082 85,162 (10,864)

NPV = $6,620

NPV at 20%

Particulars Year 0 Year 1 Year 2 Year 3

Cash flows 152,000 71,800 86,900 (11,200)

DCF 20% 1 0.83 0.69 0.58

Present values (152,000) 59,594 59,961 (6,496)

NPV = ($38,941)

Substituting values in the IRR formula we have:

1% x [($6,620 / ($6620 - (38,941))] x (20% - 1%) = 2.06%

Therefore we reject the project because it gives an IRR lower than the required rate of return of 15.5%

8 0

3 years ago

Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are

worty [1.4K]

Answer:

Retained Earnings Balance at end of Year 1 = $360

Explanation:

First we need to determine the profit/loss for the year as part of the retained earnings calculation.

Lexington Company

Income Statement for the year ended - Year 1

Revenue Earned $3,200

Less Expenses ($2,420)

Net Income / (Loss) $780

Then we calculate the Retained Earnings Balance

Retained Earnings Statement

Beginning Retained Earnings Balance $ 0

Add Profit earned during the year $780

Less Dividends ($420)

Ending Retained Earnings Balance $360

5 0

2 years ago

Suppose that the marginal propensity to consume in Frugalia is 0.60. The government of Frugalia enacts a stimulus program that i

fgiga [73]

Answer:

option (c) $25 million

Explanation:

Data provided in the question:

The marginal propensity to consume in Frugalia, MPC = 0.60

Increase in spending = $10 million

Now,

The total increase in income

= $\frac{\textup{1}}{\textup{1-MPC}}$ × Increase in spending

on substituting the respective values, we get

= $\frac{\textup{1}}{\textup{1-0.6}}$ × $10 million

= $\frac{\textup{1}}{\textup{0.4}}$ × $10 million

= 2.5 × $10 million

= $25 million

Hence,

The answer is option (c) $25 million

5 0

3 years ago