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What is the difference between Traditional versus Roth IRA?
The tax breaks for a "Traditional" IRA are tax-deductible where as the tax breaks in a "Roth" IRA are never tax-deductible. For more detailed information, speak to a financial adviser.
Distinguish between proportional tax and progressive tax?
A proportional tax takes the same percentage of income no matter your income level. A progressive tax, on the other hand, takes a larger percentage of income as your income increases. An example of a proportional tax is the Medicare tax (everyone pays 1.45% of all income), while the U.S. income tax is an example of a progressive tax (higher incomes get bumped into higher tax brackets). Many people believe sales taxes to be proportional because everyone pays the same rate, but because sales taxes only apply to spending rather than overall income they almost always turn out to be regressive.
The city council has decided to add a 0.3 percent tax on motel If a traveler spends the night in a motel room that costs 55 before taxes how much will the city receive in taxes from him?
0.3 % = 0.003; 0.003 X 55 = 0.16, to the justified number of significant digits.
Do stores use the original price or the discount price to determine what the tax is?
Stores charge tax on whatever the price that you pay is. So if you are paying a sale price, you should only be paying the tax on the sale price.
What is the property tax rate for zip code 77429 and 84066?
You should call the real estate assessor or tax collector for the City or County where the property is located to get this information. Real estate tax districts are not set up by zip code. Most real estate tax districts were set up long before the U.S. Postal Service established the zip code system. And, currently, there is no reason for tax districts to follow zip code area.
