IP 5 Essay Example | Topics and Well Written Essays - 750 words

IP 5 - Essay Example2. The second position is in Maryland, earning $65,000 per year. You order a starter duplex that you can purchase with an assessed value of $135,000. Property taxes average 2.4% of the assessed value. The state sales tax rate is 1% higher than in Pennsylvania, and it also applies to food and clothing. Marylands state income tax rate is 1.5% higher than Pennsylvanias.With the data above, complete the following table, with all values rounded to the nearest cent. Note that the difference of opinion column is the difference between Pennsylvanias and Marylands values. (Hint Property tax scarce applies to housing state sales tax only applies to purchases and food and clothing, when applicable and income tax only applies to the salary.)The difference in cost of living between the two locations (Maryland and Pennsylvania) based on the differences in sales tax, income tax, and home tax is $3,033.75. In other words, I have to pay an additional $3,033.75 in taxes in Maryl and as compared to Pennsylvania.This does not much influence which short letter to choose, as the difference in taxes (sales tax, income tax, and property tax) of $3,033.75 is much less as compared to the difference in salary $15,000 between the two