As per Indiana Property Tax relief- allocated dollar amount deduction for senior citizens, veterans, and disabled people when the assessed value does not apply is $12,480.
Property taxes in Indiana are relatively low. The average annual property tax paid in Indiana is $1,263, which is less than half of the national average of $2,578. The statewide average effective property tax rate is 0.81%, compared to 1.07% nationally.
Property taxes vary depending on where you live and the value of your home, but the statewide average effective property tax rate is 0.81%. However, homeowners in Indiana who live in their primary residence are eligible for a number of deductions that can lower rates below the national average. Local tax authorities in Indiana, such as schools, counties, townships, and libraries, recalculate tax rates each year. The rates are determined by the total amount of revenue that the tax authority is permitted to collect (the levy) and the total tax base (the total value of net assessed value in the district).
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Answer:
D. all of the above
Explanation:
a. The preparer must make the copy or record of returns and claims for refund and record of the individuals required to sign available for inspection upon request by the commissioner.
b. The preparer must retain a completed copy of each return or claim for refund prepared or retain a record by list, card file, or otherwise, of information, as required by regulation, about each return prepared.
c. The preparer must retain information about the preparer of each return presented to a taxpayer for signature. This information may be retained via retention of a copy of the return or claim for refund, maintenance of a list or card file, or otherwise.
Answer:
B. Credit to sales revenue
Explanation:
As per revenue recognition principle, revenue should be recognized when it is earned and not when cash is received.
As per accrual basis of accounting, revenue is to be recognized when the ownership of the goods has been passed by the seller to the buyer and there is reasonable assurance that payment would be received.
When a sale is effected and goods are delivered with reasonable certainty that payment would be received, following journal entry is recorded:
Accounts Receivable A/C Dr.
To Sales Revenue
(Being equipment sold recorded)
Answer: <em>C </em>
by helping you understand that every choice has a tradeoff.
Explanation:
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