Are these two claims equivalent, in conflict, or not comparable because they’re talking about different things? a. “The school levy is only a 0.1% increase of the property tax rate.” b. “This new levy is a 12% tax hike, raising our total rate to $9.33 per $1000 of value.
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Are these two claims equivalent, in conflict, or not comparable because they’re talking about different things? a. “The school levy is only a 0.1% increase of the property tax rate.” b. “This new levy is a 12% tax hike, raising our total rate to $9.33 per $1000 of value.
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- Which of the following statements regarding tax credits is true? Group of answer choices a. They are deductions that depend on the taxpayer’s filing status, age, and vision and that can be claimed by a taxpayer whose total itemized deductions are small. b. They are deductions from adjusted gross income (AGI) based on the number of persons supported by the taxpayer’s income. c. They represent the income remaining after subtracting all allowable adjustments to (gross) income. d. They are personal expenditures that can be deducted from adjusted gross income (AGI) when determining taxable income. e. They are deductions from a taxpayer’s tax liability that directly reduce his or her taxes due.As it pertains to social security, which is the better option and why: 5. There are currently two proposals to increase the replacement rates for low income people A. Increase the replacement rate up to the first bend point to 100% B. Making Social Security benefits means tested if your PIA is above $1000.You decide to work part-time at a local clothing store. The job pays $8.50 per hour and you work 16 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 4% for state taxes. SUB PARTS TO BE SOLVED. How much is withheld per week for state taxes? What is your weekly net pay? What percentage of your gross pay is withheld for taxes? Round to the nearest tenth of a percent.
- What would not result from replacing the income tax with consumption tax Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Identify the term being referred to: A benefit given by the government that allows entities to have their tax liabilities reduced to special rates *Income taxes are calculated based on gross income less certain allowabledeductions. They are also assessed on gains resulting from the disposal of property. What is a 10-word or less definition appropriate for a corporation, based on Wikipedia, for each of the following factors? a. Gross income. b. Expenses. c. Depreciation. d. Interest. e. Property (e.g., equipment) disposition.
- Social Security is a 6.2 % tax income up to a level that is matched by one’s employer? True or FalseSuppose a county has a classified property system where owner-occupied property is rated at 15%, farm property and undeveloped land at 10%, and all other property (including rental, commercial, and industrial) rated at 20%. a) What kind of incentives do individuals face when trying to reduce their tax burden? b) Why should it be difficult to compare tax burdens between this city and another city that does not have an unclassified system?Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds that earned 10% interest annually to buy a mini-bus. Jane has decided to buy the mini-bus and set up a commuter service between Lincoln and Omaha. There are 1000 people who will pay $400 a year each for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation, etc. What are Jane's total revenue? A. $600,000 B. $250,000 C. $400,000 D. $480
- The term used to describe the credit available to a donor to offset the gift tax is called the applicable credit amount. O True FalseIn your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new job? For taxable income over... ... but not ... the marginal tax rate is: over... $0 $9,700 10% $9,700 $39,475 12% $39,475 $84,200 22% $84,200 $160,725 24% $160,725 $204,100 32% $204,100 $510,300 35% $510,300 37% $2,200 $1,100 O $455 O S310What is the benefit of having state and local taxes on income instead of collecting all such taxes at the federal level? What is the local tax in your county/city? Make sure to state the county/city and the tax rate. How does this compared to the tax rate of neighboring counties/cities? How do you feel about this? Does the location with the higher tax rate receive better amenities (schools, police, road conditions? Would you rather pay a higher tax for better service?