● Abby lives in a state in which the state income tax rate is equal to 5.38% of federal taxable income. Abby’s federal income tax is equal to 19.6% of her federal taxable income. If Abby owes $8,880.17 in federal income tax, how much does she owe in state income tax? $477.75 ● You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834.58 in property taxes. What is your local property tax rate? 0.051 ● If Carol’s taxable income is $89,786, how much income tax does she owe, to the nearest dollar? $19,636 ● Ian's house and land have a market price of $225,000 and an assessed value of 55% of that amount. His state has a property tax rate of 0.088. How much does Ian pay in property tax every year? $10,890 ● Say that you own property with a market price of $74,000. The state tax assessors have given it an assessed value of 48% of that amount. If your state’s property tax rate is 0.031, how much do you owe in property tax, to the nearest dollar? $1,101 ● Mark lives in a state that charges him 6.1% income tax on his federal taxable income. If his federal taxable income is $79,400, how much does Mark pay in state income tax? $4,843.40 ● Yolanda makes $1,196 gross income per week and has claimed two allowances. According to the table below, what is Yolanda’s weekly net income after tax withholding? $879 ● Say that you pay property taxes of $2458.20 every year. If your state has a property tax rate of 0.082, what is the assessed value of your property? $29,978 ● Look at the withholding table below. If you earn $426 in gross income every week and get to keep $348 of it after tax withholding, how many allowances have you claimed? One ● Andrew earns $45,300 in taxable income annually, and pays federal income taxes of $5,345.40. What is Andrew’s net federal income tax rate? 11.8%

Personal Income and Property Taxes

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