Assignment in tax | Business & Finance homework help

Don't use plagiarized sources. Get Your Assignment on
Assignment in tax | Business & Finance homework help
Just from $13/Page
Order Now

Small Assignment 1

 

 

This assignment is due by 6 p.m. on Wednesday, September 14. 

 

==================================================================

Part I — Tax Evaluation Criteria

 

  1. 1.Assume that the Governor has proposed an increase in the cigarette tax from $2.00 to $2.50 per pack to generate revenues for a new daycare program for low-income workers. Using the “A BEAR” tax evaluation criteria discussed in lectures, evaluate the strengths and weaknesses of this tax proposal. You should not address whether you think the daycare program is a good idea – rather your analysis should focus on whether increasing the cigarette tax is a good way to finance this program.

 

==================================================================

Part II — Property Tax

 

For these questions, be sure to show your work; specifically, show the formulas and calculations you used to derive the results.

 

  1. 2.The City of Hometown has a property tax base with a market value equal to $120 million.  The city uses an assessment ratio of 80% and has a 96% collection rate. The city allows homestead exemptions. Citywide, those exemptions total $6.0 million.

 

  1. A.What property tax rate would the city need to use to generate $3.9 million in property tax revenue? Express your answer as a tax rate per $100 of assessed value.

 

 

 

  1. B.Mr. Jones owns taxable property in the city with a market value of $60,000. Assume that he is eligible for a homestead exemption equal to $5,000 of the assessed value.  How much would Mr. Jones owe in taxes given the rate you calculated in Part A?

 

 

  1. 3.You have been provided with the information listed below for the City of XYZ.

 

 

2015

 

2016

market value of taxable property

$900 million

 

increases by 2% from 2015 value

assessment ratio

60%

 

60%

collection rate

95%

 

97%

tax rate

1.15 per $100 AV

 

???

 

 

The City of XYZ is subject to a maximum increase in the property tax levy of 5 percent annually.  Answer each of the questions below in order to determine what the maximum property tax rate could be in 2016.  (Be sure to show your calculations.)

 

  1. A.What was the property tax levy in 2015?

 

 

  1. B.What is the maximum property tax levy that would be allowed in 2016?

 

 

  1. C.What is the market value of taxable property in 2016?

 

 

  1. D.What is the maximum property tax rate that the city could use in 2016? Express the rate in dollars per $100 assessed value.  

 

 

 

Part III – Income Tax

 

 

  1. 4.The State of Illiana has a state income tax with the following components:

 

  • •the state income tax applies only to wages and salaries (e.g. does not include interest and dividends)
  • •the state allows a standard deduction of $1,000 per person 
  • •the state allows a tax credit equal to $150 per person 
  • •the marginal tax rates are as shown below

 

taxable income

marginal tax rate

0 – $20,000

4%

20,001 – 50,000

6%

> 50,000

8%

 

 

  1. Assume that Mr. Jones, a resident of the State of Illiana, has total income equal to $68,000. His income includes $65,000 from his salary and $3,000 in interest. How much would he owe in state income taxes? 

 

  1. What is Mr. Jone’s marginal tax rate?

 

  1. What is Mr. Jones’ effective tax rate? 

 

 

 

(continued on the following page)

D.Define each of the following terms:

 

  1. a progressive tax

 

  1. a regressive tax 

 

  1. E.Explain how restricting taxable income to wages and salaries (as opposed to including interest and dividends) affects the progressivity or regressivity of the state’s income tax.

 

  1. F.Explain how a tax credit equal to $150 per person affects the progressivity or regressivity of the state income tax.

 

  1. G.The State is considering allowing each person to take a $100 exemption. If this exemption is implemented, what will be the change (in dollars) in the amount of income tax that Mr. Jones owes?

Calculate your paper price
Pages (550 words)
Approximate price: -

Why Choose Us

Quality Papers

At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.

Professional Academic Writers

With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.

Affordable Prices

Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.

On-Time delivery

My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.

100% Originality

Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.

Customer Support 24/7

Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: support@myhomeworkwriters.com.

Try it now!

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Samples

Our writers complete papers strictly according to your instructions and needs, no matter what university, college, or high school you study in.

Categories
All samples
Analysis (any type)
Argumentative essays
Dissertation/Dissertation chapter
Analysis (any type)
Advantages and disadvantages of lowering the voting age to thirteen
Undergrad. (yrs 1-2)
Political science
4
View this sample
Argumentative essays
Is euthanasia ethical or not?
Undergrad. (yrs 3-4)
Nursing
3
View this sample
Dissertation/Dissertation chapter
Videoconferencing as a teaching tool
Undergrad. (yrs 3-4)
Education
10
View this sample

Our Homework Writing Services

My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.

Essays

Essay Writing Services

At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.

Admissions

Admission and Business Papers

With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.

Editing

Editing and Proofreading

Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.

Coursework

Technical papers

My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.

Sitemap: https://myhomeworkwriters.com/sitemaps/sitemap.xml User-agent: * Allow: / User-agent: AhrefsBot Crawl-Delay: 1 User-agent: SemrushBot Crawl-Delay: 1