Exam 13: Taxes and Insurance

Find the amount paid by each of the multiple carriers. -The Jason Manufacturing Company had an insured fire loss of $79,000. It had insurance coverage as follows: Company A, $450,000; Company B, $275,000; and Company C, $100,000. Find the Amount paid by each carrier assuming that the coinsurance requirement had been met.

Find the annual insurance premium. -A person's youthful-operator factor is 2.95. The annual premium for liability coverage is $318.00 for bodily injury and $176.10 for property damage.

Find the annual premium in territory 1. -Operator age: 26 Comprehensive/Collision Age Group: 5 Driver's ed: yes Symbol: 7 Liability: 50/100 Property: $25,000 Uninsured motorist: yes

Find the amount of taxable income and the tax owed for the following people. The letter following the name indicates the marital status and all married people are filing jointly. Use $4050 for each personal exemption; $6300 as the standard deduction for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the following tax rate schedule. -

Find the assessed value for the property. -Fair market value: $189,000 Rate of assessment: 85%

Find the adjusted gross income. -Tom and Sandy Bowles had incomes of $19,889 and $8,129. They also had $303 in interest income and an adjustment of $856 in moving expenses.

Solve the problem. -A taxpayer's property has a fair market value of $92,000. The rate of assessment in the area is 25%. The tax rate is $6.76 per $100 of assessed valuation. Find the property tax.

Find the tax in the following application problems. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for married taxpayers filing separately, and $9300 for head of household and the tax rate schedule. -Megan Cortez had an adjusted gross income of $55,704 last year. She had deductions of $939 for state income tax, $764 for property tax, $3,890 in mortgage interest, and $1,294 in contributions. Cortez claims one exemption and files as a single person.

Find the indicated tax rate. -

Find the tax refund or tax due for the following people. The letter following the name indicates the marital status. Assume a 52-week year and that all married people are filing jointly. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the tax rate schedule. -

Find the indicated premium. Round to the nearest cent. -Tom Crenna buys a whole life policy at age 25. The policy has a face value of $55,000. Find the annual premium.

Solve the problem. -Four people are injured in an auto accident, and each receives $21,000 in damages from the court. The driver has liability limits of 100/300. Find the amount that the insurance company must pay and the amount that the insured must pay.

Find the amount of taxable income and the tax owed for the following people. The letter following the name indicates the marital status and all married people are filing jointly. Use $4050 for each personal exemption; $6300 as the standard deduction for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the following tax rate schedule. -

Find the amount of taxable income and the tax owed for the following people. The letter following the name indicates the marital status and all married people are filing jointly. Use $4050 for each personal exemption; $6300 as the standard deduction for single taxpayers, $12,600 for married taxpayers filing jointly, and $9300 for head of household and the following tax rate schedule. -

Find the tax in the following application problems. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for married taxpayers filing separately, and $9300 for head of household and the tax rate schedule. -Lilly Donaldson had wages of $31,706, other income of $2,962, dividends of $213, interest of $328, and a regular IRA contribution of $839 last year. She had deductions of $1,271 for state income tax, $1,440 for property tax, $1,460 in mortgage interest, and $713 in contributions. Donaldson claims three exemptions and files as head of household.

Find the indicated premium. Round to the nearest cent. -SLM Instruments wants to protect itself in case of the death of its founder and head. It buys a premium term policy on the executive with a face value of $115,000. She is 35 years old. Find the quarterly premium.

Find the adjusted gross income. -Nancy earned $18,575 in salary, $1,084 in unemployment compensation, and $74 in dividends. She contributed $871 to her Individual Retirement Account.

Find the annual insurance premium. -A person's youthful-operator factor is 2.35. The annual premium for liability coverage is $237.60 for bodily injury and $152.70 for property damage.

Find the tax rate for the area. Round to the nearest tenth of a percent. -Total tax needed: $80,000 Total assessed value: $9,203,000

Find the property tax. Round to the nearest cent. -Assessed Tax rate valuation :: $50,$1.20400 per $100