Question and answer
Question not found
Ask a question
Not a good answer? Get an answer now. (Free)
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
calculating current yield. calculate the interest amount and current yield for the following $1,000 bonds. 6% $1,030, 5.7% $1,120, 5.10% $910
Weegy: $600,000 User: calculating yields Weegy: Sir/Madam, The rate used in the table for calculating compound interest is found by "Annual rate divided by number of times compounded per year". (More)
Question
Expert Answered
Asked 1/2/2013 4:19:02 PM
0 Answers/Comments
Calculating Net Profit after Taxes. Assume your home is assessed at $200,000.You have a $150,000 loan for 30 years at 6 percent. Your property tax rate is 1.5 percent of the assessed value. In year one, you pay $9000 in mortgage interest and $3000 in property tax. (1.5 percent on $200,000 assessed value). 7. What is the total deduction you can take from your federal income tax return? 8. Assuming you are in a 28 percent tax bracket, by what amount would you have lowered your federal income ... ...
Weegy: Schedule A itemized deductions of the 1040 tax form for a start for this purpose and time in your life. The limitation for mortgage interest on your primary and secondary residence is $1,000,000 for acquisition indebtedness and $100,000 for home [ equity indebtedness. Real estate taxes paid on your primary and second residence are, generally, deductible. Deductible real estate taxes include any state, local, or foreign taxes based on the value of the real property levied for the general public welfare. Deductible real estate taxes do not include taxes charged for local benefits and improvements that increase the value of the property, such as assessments for sidewalks, water mains, sewer lines, parking lots, and similar improvements. Additional Information: Tax Topic 503, Deductible Taxes MFJ by a few hundred dollars maybe for this purpose and time in your life when the total itemized deduction amounts from your schedule A would be MORE than your standard deduction amount is for the tax year in question. Good luck to you. Hope that you find the above enclosed information useful. ] User: Calculating NetProfit afterTaxes. Assume your home is assessed at $200,000.You have a$150,000loan for 30yearsat 6percent.Your propertytax rate is 1.5percent ofthe assessed value.In yearone, you pay$9000in mortgage interest and $3000in propertytax.(1.5 percent on $200,000 assessed value). 7.What is the total deduction you can take from your federal income taxreturn? 8.Assuming you are in a 28 percent taxbracket, by what amountwould you havelowered your federal income ...... (More)
Question
Not Answered
Updated 4/3/2013 4:45:43 AM
1 Answer/Comment
Assume your home is assessed at $200,000. You have a $150,000 loan for 30 years at 6 percent. Your property tax is 1.5 percent of the assessed value. In year one, you would pay $9,000 in mortgage interest and $3,000 in property tax (1.5 percent on $200,000 assessed value).
7. The total deduction you can take on your federal income tax return is $9,000 (mtg. interest) + $3,000 (prop. taxes) = $12,000 total.
8. Assuming you are in a 28 percent tax bracket, the amount that would you have lowered your federal income is $12,000 x 0.28 = $3,360
Added 4/3/2013 4:45:43 AM
21,132,321 questions answered
Popular Conversations
The amount of space that a gas takes up is ...
5/29/2015 7:55:05 AM| 2 Answers
Find the product. (n + 8)(n - 2) User: Divide x4 + 7 by x - 3. ...
Weegy: 2(3y - 7) - 5y(2 - y) = 6y - 14 - 10y + 5y^2 = 5y^2 - 4y - 14 User: Choose the product. -7p3(4p2 + 3p - 1) ...
5/29/2015 11:17:59 AM| 2 Answers
simplify the following expression (x^4)^3 User: simplify 8(4x + 6)
Weegy: 8(4x + 6) = 32x + 48 User: Select the different (4x^2-5x^3)-(2x^2-9x^3)
5/29/2015 8:06:48 PM| 2 Answers
Weegy Stuff
S
Points 820 [Total 828]| Ratings 2| Comments 800| Invitations 0|Offline
S
L
Points 749 [Total 1279]| Ratings 2| Comments 729| Invitations 0|Offline
S
1
L
Points 623 [Total 1015]| Ratings 3| Comments 593| Invitations 0|Offline
S
L
P
Points 472 [Total 2949]| Ratings 1| Comments 462| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
P
1
Points 248 [Total 8994]| Ratings 0| Comments 248| Invitations 0|Offline
S
Points 231 [Total 251]| Ratings 0| Comments 231| Invitations 0|Offline
S
1
L
L
Points 84 [Total 8267]| Ratings 0| Comments 84| Invitations 0|Offline
S
L
1
R
Points 80 [Total 1367]| Ratings 0| Comments 80| Invitations 0|Offline
S
L
Points 56 [Total 3810]| Ratings 2| Comments 36| Invitations 0|Offline
S
Points 14 [Total 14]| Ratings 0| Comments 14| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.