To help Alice, a new property owner in a city, calculate the property tax, let's create a simple program. Implement a function called propertyTaxCalc, which takes the assessed value as an input argument. The function should determine the taxable amount by subtracting 8% from the assessed value and also calculate the property tax by applying a tax rate of 1.05% to the taxable amount.Input format :The input consists of a double value that represents the assessed value.Output format :The first line displays "Taxable Amount: " followed by a double value, representing the taxable amount with two decimal places.The second line displays "Property Tax: " followed by a double value, representing the property tax with two decimal places.Refer to the sample output for formatting specifications.Code constraints :In this scenario, the test cases fall under the following constraints:105.00 ≤ Assessed value ≤ 106.00Sample test cases :Input 1 :200000.88Output 1 :Taxable Amount: 184000.81Property Tax: 1932.01Input 2 :987500.49Output 2 :Taxable Amount: 908500.45Property Tax: 9539.25Input 3 :1000000.00Output 3 :Taxable Amount: 920000.00Property Tax: 9660.00Input 4 :100000.0Output 4 :Taxable Amount: 92000.00Property Tax: 966.00

Compute for the taxable net estate: Townhouse – P 1,700,000Toyota Car   - P 500,000Other properties – P 1,500,000Grose Estate – P 3,700,000  Less allowed deductionsExpenses, losses etc. – P 400,000Medical expenses - P 200,000Vanishing deductions – P 197,000Family home allowance – P 400,000Standard deductions – P 170,000a.P 2,233,00b.P 2,433,000c.P 2,333,000d.P2,332,000

Below is a personal income tax table effective January 2024 Tax Threshold (K) Tax Payable (K) Rate of tax access (%) 12,500 Nil 22 20,000 1,650 30 33,000 5,550 35 70,000 18,500 40 250,000 90,500 42 a) Glen who runs a printing shop earns a profit of K80,000 and received additional rental income of K80,000 and intrests of K15,000 I. What is the assessable amount for tax II. Calculate the amount of tax she’ll pay b) Kila, Ranu and Raka decided to enter into business under a partnership by contributing K20,000, K50,000 and K30,000 respectively I. Calculate the shared profit Kila and Raka received c) Sales results for ANJ Ltd declined over the years due to reduction in production awareness I. How would the management improve the declining situation?

The property tax on a house is an amount determined by the local government based on a percentage of which of the following?Land value and bank feesBank interest and insurance feeBuilding and land valueBuilding value and interest rate charged

The property taxes on a business office were $3450$⁢3450. What was the tax rate if the business office was valued at $230,000$⁢230,000? Follow the problem-solving process and round your answer to the nearest hundredth of a percent, if necessary.

Step 3 (3 pts). Calculate tax amount based on exemption and taxable income (see tables below). Tax amount should be stored as a double and rounded to the nearest whole number using round(). Submit for grading to confirm eight tests pass.Ex: If the input is:20000 23 500 1 400Ex: The additional output is:AGI: $20523Deduction: $12000Taxable income: $8523Federal tax: $852Income Tax for Single Filers$0 - $10000 10% of the income$10001 - $40000 $1000 + 12% of the amount over $10000$40001 - $85000 $4600 + 22% of the amount over $40000over $85000 $14500 + 24% of the amount over $85000Income Tax for Married Filers$0 - $20000 10% of the income$20001 - $80000 $2000 + 12% of the amount over $20000over $80000 $9200 + 22% of the amount over $80000