A property has an assessed value of 80 of its fair market value. If you were writing an Excel formula to calculate the assessed value of the property, what value would be used to multiply by the fair market value?
A) 8
B) 80
C) 0.8
D) 0.08
Question 2
Janet and Pat McGuire are married and file a 1040 jointly. Janet earns 28,000 and Pat earns 18,500 for the year. They have two children. They have earned interest income of 240. Janet contributed 2,000 to her IRA and Pat contributed 1,500 to his. Their itemized deductions are 3,750 in medical and dental expenses, 4,500 in real estate taxes, 7,480 in home mortgage interest, 1,000 in student loan interest, 1,100 in personal property taxes, and 675 in charitable contributions. Together, they had 3,200 withheld for taxes. Use a tax table. Which is true about how much Janet and Pat either owe in taxes or have due as a refund?
A) owe 1,802
B) refund of 1,802
C) owe 1,521
D) refund of 1,521
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