Antique dolls representing adults from the 17th and 18th centuries have been found, but they are very rare. Individual craftsmen in England made most of these earliest dolls. The craftsmencarved the dolls of wood, painted their features, and also designed the costumes for the dolls. Some of these earliest dolls are valued at more than $40,000. 

• Define fair market value and assessed value, find the tax rates, property tax, express tax rate in percent, dollars per $1000, and in mills along with taxes given the assessed value and the tax rate.
 
• Identify the four steps that determine income-tax liability, find the adjusted gross income, know the standard deduction amounts, find taxable income and income tax, list possible deductions, determine a balance due or a refund form the IRS and prepare 1040 tax form.

 

http://www.mattel.com/

Facts:

1945: Founded by Elliot and Ruth Handler

1959: Barbie introduced

2004: More than one billion Barbies sold

2018: Sales over $5 billion

The Barbie doll is the most popular fashion doll ever created. If all the Barbie dolls that have been sold since 1959 were placed head-to-toe, the dolls would circle the earth more than seven times. The most popular Barbie ever sold was the Totally Hair Barbie, which was intro-duced in 1992. With hair from the top of her head to her toes, more than 10 million of these dolls were sold, resulting in revenue of $100 million. With annual retail sales at over $1 billion,Barbie is the #1 brand of doll for girls.

 

Martha Spencer sells dolls around the world through her website. Her business has grown over the years, but she still carefully watches costs. She knows that she must control costs to besuccessful. Help her fgure out some of these costs.

• Spencer is looking at a building that she hopes to buy for what she believes is the fair mar-ket value of $310,000. However, the replacement cost is estimated to be $420,000. Theassessment rate is 30% and the tax rate is $64 per $1000 of assessed value. Find the prop-erty tax for the year.
 
• Janet Chino, one of Spencer's employees, needs help estimating her income tax based on the following: wages$28,410; interest$212; ordinary dividends$84; and IRA contri-bution$500. Find the following: total income, adjusted gross income, taxable income,and income tax given that Chino is single and claims only 1 exemption. Use the tax rate schedules.
 
• Find the cost of fire insurance if the building in Question 1 is in territory 5 and has a build-ing classification of C. The contents are valued at $145,000.
 
• Spencer purchases a new Toyota and buys 250>500 liability limits, $100,000 property damage, comprehensive, collision, and uninsured motorist. She is in territory 2 and the vehicle has symbol 8. Find the annual premium given that she is 35.
 
• Spencer is a 35-year-old woman who is divorced and has two children. She decides to pur-chase $500,000 of life insurance to protect her children. Find the annual cost of 10-yearlevel term.
 
• Find the total of all of the costs that Martha Spencer must pay. This total is only a small part of her total bills each year clearly she has to sell a lot of dolls to pay her bills.
 
• Is it important to pay property taxes and buy insurance? What should happen to those who do not pay property taxes? What, if anything, should happen to those not buying the required minimum amounts of insurance on their vehicles?