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Essay / Research Paper Abstract
This 3 page paper compares income, property and sales tax for the states of Georgia and Louisiana. The paper uses an example of a single person with a salary of $50,000 and property worth $125,000 to perform example calculations to illustrate the comparison. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEtxlaga.rtf
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Unformatted sample text from the term paper:
For example, if Georgia and Louisiana are compared where will be some similarities and some differences. For state income tax assuming a salary of $50,000 single and not
able top claim any increased exemptions or disability this would mean that there would be a single exemption leaving from the state taxes of $2,300, leaving $47,7000 taxable. This
is then graduated. For the first $7,000 of the taxable income there is a taxable rate of 5%, giving tax payable of $230. On any amount over this the
rate is 6% with no ceiling, This leaves $40,700. 6% of $40,700 is $2,442. This gives a total of state income tax as $2,672. There is no deduction of federal
tax from this amount as such this needs to be added to the federal tax amount. Federal tax is discussed below. Tax is also payable on property. As
the home is a property that is owned and used as the main residence if the tax pay registers it as a homestead this will give an exemption of the
assessed taxable value of the property. WE will assume this has occurred. The property will fist be assessed at 40% of its fair market value. This means a property worth
$125,000 is $50,000,. The amount payable will then be reduced by the $2,000 exemption, this leaves $48,000. The amount payable will then depend on depend on the country and uses
a mill system. For example, where there is a rate of 30 mill, this will mean there is $30 payable for every $1,000 value. In this instance giving a tax
total of $1,440. 30 is the average rate in Georgia. There are also other taxes, for example there is meant to be a 4% tax payable by Georgia
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