martensLA12 - http://www.irs.gov/taxtopics/tc551.html for...

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1. Define fair market value and assessed valuation. Fair Market value is the value that a buyer and seller both knowledgeable of the market, unpressured and willing to sell/buy at. 2. How do you find the amount of property taxes to pay if the mill levy is 94.3 mills? 94.3 mills is 94.3/1000 = .0943 .0943 * assessed value = tax 3. If you itemize deductions on your income tax, what are some of the deductions that you can take? Medical and dental expenses. Taxes (state and local.) Interest paid on mortgage. Casualty of theft losses. Contributions and donations to charities. 4. What are the standard deduction amounts in filing income tax? You can find them in the textbook on page 514 or you may check the following website,
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Unformatted text preview: http://www.irs.gov/taxtopics/tc551.html for the current numbers. According to the book: $5150 for single payer. $10300 for married taxpayers filinf jointly or qualifying widow(er) $5150 for married taxpayers filing separately. $7550for head of household. 5. Application Problem: Give one example where you may use a concept found in this chapter. Ive never heard of or seen mills before, thats something interesting to look for next year when I pay my taxes. I am looking to become self employed next year while living in Mexico, what I learned in this chapter will help me while looking into how U.S. Taxes will work while living in a foreign country....
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This note was uploaded on 12/30/2009 for the course MATH 1220 taught by Professor Roarty during the Spring '09 term at Metropolitan Community College- Omaha.

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