Question

Question I (a) A City's authorized spending plan totaled $780 million for fiscal year 2018. Revenues from taxes on sales and incomes totaled $240 and S120 million respectively. User fees and other charges amounted to S100 million. Other miscellaneous resources totaled $75 million. Calculate the City's millage for 2018. The tax base is estimated at S3.5 blion. (10 points) (b) The assessed value for Resident Y in this City is $75,000. Resident Y qualifies for an exemption totaling S5,600. Calculate Resident Y's total tax liability. (5 points)

Answer 1

Assessable Value = $ 75000

Less:- Exemption    =$ 5600

Taxable Value =$ 69400

Less:Standard deduction =$ 12000

=$57400

Standard deduction of $12000 is given to single fiters of retriever

Tax liability on =$ 57400

Rate Amount

$0 - $9525 - 10% $952.5

$9525 - $38700 12% $3501

$38700 -  $82500 22%    $4114

=$8567.5