Question 1

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Accepted Answer

$95,000 / $1,000 = 95; 95 × $92.45 = $8,782.75.

Question 2

Complete (express answers to nearest hundredth):
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \text { Per } \$ 1000 & \text { Mills } \
\hline 074312 & \text { A } & \text { B } & \text { C } & \text { D } \
\hline
\end{array}$$

Accepted Answer

The answer of Complete (express answers to nearest hundredth):
 \[\begin{array}...

Question 3

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

Accepted Answer

$1,250.99 / 1.06 = $1,180.18; $1,250.99 - $1,180.18 = $70.81.

Question 4

The market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Accepted Answer

.35 × $180,000 = $63,000.

Question 5

Calculate assessed value, given a property tax of $6,100 and 26 mills tax rate.

Accepted Answer

26 × .001 = .026; $6,100/.026 = $234,615.39.

Question 6

Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Accepted Answer

$5,000,000 × .4 = $2,000,000; $2,000,000 / $1,000 = 2,000; 2,000 × $105.10 = $210,200.

Question 7

Calculate the assessed valuation, given an assessed rate of 75% and a market value of $110,000.

Accepted Answer

.75 × $110,000 = 82,500.

Question 8

Match the following terms with their definitions.
-Property tax

Accepted Answer

Property tax is a tax levied on real estate by the local government to raise revenue for cities, schools, and other public services.

Question 9

Calculate amount of tax due:
 $$\begin{array} { | l | l | l | } 
\hline \text { Tax Rate } & \text { Assessed Value } & \text { Tax Due } \
\hline \$ 12.75 \text { per } \$ 100 & \$ 14,500 & \text { A } \
\hline \$ 62.50 \text { per } \$ 1,000 & \$ 67,800 & \text { B } \
\hline 16 \text { Mills } & \$ 225,000 & \text { C } \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate amount of tax due:
 \[\begin{array} {...

Question 10

Carol Reeve bought a new fur coat for $12,000. She must pay a 7.5% sales tax and a 10% excise tax. The furrier is shipping the coat, so Carol must also pay a $30 shipping charge. What is the total purchase price of the coat?

Accepted Answer

7.5% + 10% = 17.5%; .175 × $12,000 + $30 = = $2,130; $12,000 + $2,130 = $14,130.

Question 11

Match the following terms with their definitions.
-Sales tax

Accepted Answer

Sales tax is a tax imposed on consumers for the purchase of certain goods and services.

Question 12

Calculate the assessed valuation:
 $$\begin{array} { | l | l | } 
\hline \text { Assessed Rate } & \text { Market Value } \
\hline 65 \% & \$ 118,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the assessed valuation:
 \[\begin{array} { |...

Question 13

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

Accepted Answer

$915,000 / $140,000,000 = .0065; .0065/.001 = 6.5 mills.

Question 14

Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

Accepted Answer

$205,000 / 1.06 = $193,396.23.

Question 15

Calculate tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline\text { Total Assessed Value } & \text { Budget Required } \
\hline \$ 48,000,000 & \$ 895,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate tax rate in decimal form (six...

Question 16

Calculate (A)actual sales and (B)sales tax liability:
Total sales: $23,152.81 (includes a 5% tax.)

Accepted Answer

A. $23,152.81 / 1.05 = $22,050.30; B. $23,152.81 - $22,050.30 = $1,102.51.

Question 17

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Accepted Answer

$2,200 / .048 = $45,833.

Question 18

Calculate the total purchase price, given:
 $$\begin{array} { | l | l | } 
\hline \text { Retail Price } & \$ 40,000 \
\hline \text { Sales Tax } & 6 \% \
\hline \text { Excise Tax } & 8 \% \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the total purchase price, given:
 \[\begin{array}...

Question 19

Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home?

Accepted Answer

16.52 mills × .001 × $80,000 = $1,321.60.

Question 20

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Accepted Answer

6.15 mills × .001 × $70,000 = $430.50.

Quiz 19: Sales, Excise, and Property Taxes

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Complete (express answers to nearest hundredth): $\begin{array} { | l | l | l | l | l | } \hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \text { Per } \$ 1000 & \text { Mills } \\\hline 074312 & \text { A } & \text { B } & \text { C } & \text { D } \\\hline\end{array}$

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

The market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Calculate assessed value, given a property tax of $6,100 and 26 mills tax rate.

Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Calculate the assessed valuation, given an assessed rate of 75% and a market value of $110,000.

Match the following terms with their definitions. -Property tax

Carol Reeve bought a new fur coat for $12,000. She must pay a 7.5% sales tax and a 10% excise tax. The furrier is shipping the coat, so Carol must also pay a $30 shipping charge. What is the total purchase price of the coat?

Match the following terms with their definitions. -Sales tax

Calculate the assessed valuation: $\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 65 \% & \$ 118,000 \\\hline\end{array}$

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

Calculate tax rate in decimal form (six decimal places): $\begin{array} { | l | l | } \hline\text { Total Assessed Value } & \text { Budget Required } \\\hline \$ 48,000,000 & \$ 895,000 \\\hline\end{array}$

Calculate (A)actual sales and (B)sales tax liability: Total sales: $23,152.81 (includes a 5% tax.)

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Calculate the total purchase price, given: $\begin{array} { | l | l | } \hline \text { Retail Price } & \$ 40,000 \\\hline \text { Sales Tax } & 6 \% \\\hline \text { Excise Tax } & 8 \% \\\hline\end{array}$

Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home?

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Quiz 19: Sales, Excise, and Property Taxes

John's Market is assessed for $95,000. The current tax rate is $92.45 per $1,000 of assessed value. Calculate the tax due.

Bea Bonnet bought a new Apple computer for $1,250.99. This price included a 6% sales tax. What is the actual selling price before the tax as well as the sales tax amount?

The market value of a home is $180,000. The assessment rate is 35%. What is the assessed value?

Calculate assessed value, given a property tax of $6,100 and 26 mills tax rate.

Pete's Warehouse has a market value of $5,000,000. The property in Pete's area is assessed at 40% of the market value. The tax rate is $105.10 per $1,000 of assessed valuation. What is Pete's property tax?

Calculate the assessed valuation, given an assessed rate of 75% and a market value of $110,000.

Match the following terms with their definitions. -Property tax

Carol Reeve bought a new fur coat for $12,000. She must pay a 7.5% sales tax and a 10% excise tax. The furrier is shipping the coat, so Carol must also pay a $30 shipping charge. What is the total purchase price of the coat?

Match the following terms with their definitions. -Sales tax

Calculate the assessed valuation: Assessed Rate Market Value 65%$118,000\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 65 \% & \$ 118,000 \\\hline\end{array} Assessed Rate 65%​ Market Value $118,000​​

French County needs $915,000 from property tax to meet its budget. The total value of assessed property in French is $140,000,000. What is the tax rate of French? Round to the nearest ten thousandth. Express that rate in mills.

Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

Calculate (A)actual sales and (B)sales tax liability: Total sales: $23,152.81 (includes a 5% tax.)

Frank Smith pays a property tax of $2,200. The current tax rate is 48 mills. What is Smith's assessed value? (Round to the nearest dollar.)

Ralph's home is assessed at $80,000. The tax rate is 16.52 mills. What is the actual amount of tax on Ralph's home?

The home of Al Gard is assessed at $70,000. The tax rate is 6.15 mills. What is the tax on Al's home?

Calculate the assessed valuation: $\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 65 \% & \$ 118,000 \\\hline\end{array}$