Exam 13: Taxes and Insurance

Find the annual premium in territory 1. -Operator age: 22 Comprehensive/Collision Age Group: 4 Driver's ed: no Symbol: 7 Liability: 25/50 Property: $10,000 Uninsured motorist: no

Find the property tax. Round to the nearest cent. -Assessed Tax rate valuation :: $82,$7.00400 per $100

Find the total annual premium. Use the fire insurance rate table. Rates are for each $100 of insurance. -Area Rating: 3 Building Classification: C Building Value: $438,000 Contents Value: $149,000

Find the adjusted gross income. -Juan and Amy Marino had incomes of $23,730 and $25,661. They also had $175 in stock dividends and $859 in interest. They both contributed to their Individual Retirement Accounts in amounts of $1,068 and $1,134.

Find the amount paid by each insurance company. Assume that any coinsurance requirement is met. -Insurance loss: $102,000 Company A coverage: $400,000 Company B coverage: $50,000 Company C coverage: $50,000

Find the amount paid by each of the multiple carriers. -The Hamilton Race Track had a fire loss of $207,000. They had insurance as follows: company A, $400,000; company B, $50,000; and company C, $50,000. Find the amount paid by each carrier. Assume the coinsurance requirement is met.

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. -Mark Collins had an adjusted gross income of $26,741 last year. He had deductions of $899 for state income tax, $555 for property tax, $2,824 in mortgage interest, and $221 in contributions. Collins claims one exemption and files as a single person.

Find the indicated premium. Round to the nearest cent. -Susan Meyer buys a premium term policy at age 25. The policy has a face value of $45,000. Find the monthly premium.

Find the annual insurance premium. -A person's youthful-operator factor is 2.95. The annual premium for liability coverage is $124.00 for bodily injury and $101.00 for property damage.

Find the total annual premium. Use the fire insurance rate table. Rates are for each $100 of insurance. -Area Rating: 4 Building Classification: B Building Value: $291,000 Contents Value: $102,000

Find the tax rate for the area. Round to the nearest tenth of a percent. -Total tax needed: $34,000 Total assessed value: $4,214,000

Solve the problem. -In one county, property is assessed at 45% of market value with a tax rate of 35.8 mills. In a second county, property is assessed at 33% of market value with a tax rate of 42.0 mills. If you had $110,000 to spend on a house, which county would charge the lower property tax? Find the annual amount saved.

Find the property tax. Round to -

Provide an appropriate response. -Define in your own words fair market value and assessed value. How is the assessment rate used when finding the assessed value?

Find the amount paid by each of the multiple carriers. -The Acme Tire Company had an insured fire loss of $2,292,000. It had insurance coverage as follows: Company A, $2,000,000; Company B, $1,500,000; and Company C, $500,000. Find the amount paid by each carrier assuming that the coinsurance requirement had been met.

Find the property tax. Round to -Assessed Tax rate valuation :: $167

Solve the problem. -Golden Oaks Apartments has a replacement cost of $202,000 and is insured for $121,000. A fire loss is for $14,000. Find the amount of loss paid by the company. Assume an 80% coinsurance clause.

Find the amount paid by each of the multiple carriers. -The Star Tool Company had an insured fire loss of $1,416,000. It had insurance coverage as follows: Company A, $4,500,000; Company B, $2,500,000; and Company C, $1,000,000. Find the amount paid by each carrier assuming that the coinsurance requirement had been met.

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. -Glenn and Natalie Dowling had combined wages and salaries of $69,117, other income of $5,258, dividend income of $317, and interest income of $664. They have adjustments to income of $2,435. Their itemized deductions are $9,180 in mortgage interest, $1,611 in state income tax, $846 in real estate taxes, and $1,193 in charitable contributions. The Dowlings filed a joint return and claimed four exemptions.

Find the indicated premium. Round to the nearest cent. -Find the semiannual premium. Face Value: $70,000 Age of Insured: 40 Sex of Insured: M Type of Policy: 20-pay life