- Where's the LA resident sheet with the tax tables?
- What is FICA?
- What is the test policy and procedure?
- How do I find the amount of real estate taxes paid on a home?
Where's the LA resident sheet with the tax tables?
1.Rate of tax
a.Single, married filing separately, or head of household:
First $12,500 - 2 percent
Next $12,500 - 4 percent
Over $25,000 - 6 percent
b.Married filing jointly or qualified surviving spouse:
First $25,000 - 2 percent
Next $25,000 - 4 percent
Over $50,000 - 6 percent
2.Personal exemption - Standard deduction
a.Single individual - $4,500
b.Married-joint return and a qualified surviving spouse -
$9,000
c.Married-separate return - $4,500
d.Head of household - $9,000
3.Dependency deduction
a.$1,000 for each dependent
b.$1,000 for taxpayer and/or spouse who is over 65 years old
c.$1,000 for taxpayer and/or spouse who is blind
What is FICA?
FICA is a tax on your income for Social Security and Medicare. It
stands for the Federal Insurance Contributions Act. You pay into
Medicare, no matter how much you make. You only pay Social
Security on the first $84,900 of your income.
What is the test policy and procedure?
1. Only authorized materials are allowed on your desk during a
test.
2. Absolutely no forms of communication are allowed while tests
are out.
3. Do not look on anyone else's paper.
4. Do not allow someone else to look on your paper. Both people
are guiltly.
5. Once you turn a test in, it can not be altered or changed.
6. Violations of test policy occur if I think they do.
How do I find the amount of real estate taxes paid on a home?
Example:
Market value: $250,000
Tax rate: 48.29 mills
Rate of assessment: 55%
Step 1: Find the assessed value
Market value X rate of assessment = assessed value
$250,000 X 0.55 = $137,500
Step 2: Divide your mills by $1000 to get a workable tax rate
48.29 mills / 1,000 = 0.04829 (new tax rate)
Step 3: Multiply your new tax rate by your assessed value
0.04829 X $137,500 = $6639.88 (don't forget to round)
You would pay $6639.88 in annual real estate tax.