Carl Owns Property with an Assessed Value of $72,450

question 112

Multiple Choice

Carl owns property with an assessed value of $72,450. If the tax rate is 6.82% of the assessed value, how much tax does Carl owe? (Round your answer to the nearest cent if necessary)

• A) $4,634.89
• B) $4,941.09
• C) $4,622.10
• D) $4,747.00

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Definitions:

Compensation

Payment or remuneration received by an individual for services performed, which can include wages, salaries, bonuses, and commissions.

Coverdell Education Savings Account

A tax-advantaged saving account designed to pay for education expenses from elementary through post-secondary education.

Qualified Education Expenses

Expenses for education that qualify for tax benefits like deductions and credits, usually including tuition and fees.

Annuity Contract

A financial product sold by insurance companies that pays out income, and can be used as part of a retirement strategy to provide a steady income stream in later years.