Question: The state transfer tax on deeds is $ . 2 8 for each $ 1 0 0 of sales price; the county transfer tax is

The state transfer tax on deeds is $.28 for each $100 of sales price; the county transfer tax is $.40 for each $200 of sales price. The sales price of a residence is $330,000 and is financed by an 80 percent new mortgage loan. What is the total transfer tax that will be charged?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Alaskan Railroad is an independent, stand-alone railroad operation not connected to any other rail service in North America. As a result, rail shipments between Alaska and the rest of North America...

Q:

9. The state transfer tax on deeds is $.12 for each $100 of sales price; the county transfer tax is $.30 for each $200 of sales price. The sales price of a residence is $184,500 and is financed by an...

Q:

The state transfer tax on deeds is $ . 1 2 for each hundred dollars of sales price the county transfer tax is $ . 3 0 for each $ 2 0 0 of sales price the sales price of a residence is $ 1 8 4 , 5 0 0...

Q:

This particular form is widely used in residential real estate transactions throughout the Capital Region. After you have reviewed it, please specifically comment on the following:1. Paragraph 3...

Q:

In the real estate contract at the bottom of Module IV review and print paragraphs 12 Conditions Affecting Title and 13 Deeds. Paragraph 12 indicates that title is being transferred to the premises...

Q:

In the real estate contract at the bottom of Module IV review and print paragraphs 12 Conditions Affecting Title and 13 Deeds. Paragraph 12 indicates that title is being transferred to the premises...

Q:

Based on the attached annual report for Barnes and Noble: What is the ratio of total liability and minority interest to total assets for the last two years How does B&N look considering anything over...

Q:

Tim and Monica Nelson are married, file a joint return, and are your newest tax clients. They provide you with the following information relating to their 2019 tax return: 1. Tim works as a...

Q:

Tim and Monica Nelson are married, file a joint return, and are your newest tax clients. They provide you with the following information relating to their 2019 tax return: 1. Tim works as a...

Q:

I am seeing the uploads for this document on your site but not finding the answer associated please help Advanced Scenario 5: Lamar Wharton Directions Using the tax software, complete the tax return,...

Q:

I need these questions asked using the scenarios listed on the pdf attached, regarding tax questions. This is pretty much exactly like my test so it will help me study tremendously. Advanced Course...

Q:

There are literally thousands of enzymes at work in complex living systems such as human beings. What properties of enzymes give rise to their ability to distinguish one substrate from another?

Q:

Liberty Inc. is a retailer operating in Centralia. Liberty uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the...

Q:

An asset purchased for $147,000 with a zero residual value was expected to last for seven years before it needed replacing. If at the end of the third year it was decided to extend its total useful...

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...