Question 1

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,200.15 (includes a 5% tax).

Accepted Answer

A. $1,200.15 / 1.05 = $1,143; B. $1,200.15 - $1,143 = $57.15.

Question 2

Calculate the tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline\text { Total Assessed Value } & \text { Budget Required } \
\hline \$ 51,000,000 & \$ 975,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the tax rate in decimal form...

Question 3

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.)

Accepted Answer

$910,000 / $150,000,000 = .00607; .00607 / .001 = 6.07 mills.

Question 4

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

Accepted Answer

$154,000 / 1.04 = $148,076.92 actual sales; $154,000 - $148,076.92 = $5,923.08 tax.

Question 5

Complete (express answers to nearest hundredth):
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \operatorname { Per } \$ 1,000 & \text { Mills } \
\hline 084381 & \text { A } & \text { B } & \text { C } & \text { D } \
\hline
\end{array}$$

Accepted Answer

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

Question 6

Complete (express answers to nearest hundredth):
 $$\begin{array} { | l | l | l | l | l | } 
\hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \operatorname { Per } \$ 1,000 & \text { Mills } \
\hline 081392 & \text { A } & \text { B } & \text { C } & \text { D } \
\hline
\end{array}$$

Accepted Answer

The answer of Complete (express answers to nearest hundredth):
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Question 7

The home of Edward Sloan is assessed at $72,000. The tax rate is $148.50 per $1,000 of assessed valuation. Calculate Edward's tax that is due.

Accepted Answer

$72,000 / $1,000 = 72; 72 × $148.50 = $10,692.

Question 8

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,110.50 (includes a 7% tax).

Accepted Answer

A. $1,110.50 / 1.07 = $1,037.85; B. $1,110.50 - $1,037.85 = $72.65.

Question 9

Calculate amount of tax due:
 $$\begin{array} { | l | l | l | } 
\hline \text { Tax Rate } & \text { Assessed Value } & \text { Tax Due } \
\hline \$ 12.75 \text { per } \$ 100 & \$ 15,800 & \text { A } \
\hline \$ 92.70 \text { per } \$ 1,000 & \$ 69,200 & \text { B } \
\hline 23 \text { Mills } & \$ 205,000 & \text { C } \
\hline
\end{array}$$

Accepted Answer

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

Question 10

The market value of a home is $90,000. Find the assessed value if the assessment rate is 71%.

Accepted Answer

.71 × $90,000 = $63,900.

Question 11

Calculate the assessed valuation:
 $$\begin{array} { | l | l | } 
\hline \text { Assessed Rate } & \text { Market Value } \
\hline 82 \% & \$ 125,000 \
\hline
\end{array}$$

Accepted Answer

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

Question 12

Calculate the total purchase price:
Given: retail price $30,000; Sales tax 7%; Excise tax 10%

Accepted Answer

7% + 10% = 17%; $30,000 × 1.17 = $35,100.

Question 13

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.)

Accepted Answer

.001 × 58 = .058; .058A = $3,000; A = $3,000 / .058 = $51,724.

Question 14

The market value of a home is $200,000. Find the assessed value if the assessment rate is 64%.

Accepted Answer

.64 × $200,000 = $128,000.

Question 15

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000. Assuming that his sales did not include sales tax, what would have been Alfred's tax liability?

Accepted Answer

$154,000 × .04 = $6,160.

Question 16

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

Accepted Answer

$425,000 × .4 = $170,000; $170,000 / $1,000 = 170; 170 × $148.50 = $25,245.

Question 17

The home of Tom Burke is assessed at $60,000. The tax rate is 15.18 mills. What is the actual amount of tax on Tom's home?

Accepted Answer

15.18 mills × .001 × $60,000 = $910.80.

Question 18

Calculate amount of tax due:
 $$\begin{array} { | l | l | l | } 
\hline \text { Tax Rate } & \text { Assessed Value } & \text { Tax Due } \
\hline \$ 13.50 \text { per } \$ 100 & \$ 14,500 & \text { A } \
\hline \$ 88.70 \text { per } \$ 1,000 & \$ 67,800 & \text { B } \
\hline 21 \text { Mills } & \$ 225,000 & \text { C } \
\hline
\end{array}$$

Accepted Answer

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

Question 19

Calculate the tax rate in decimal form (six decimal places):
 $$\begin{array} { | l | l | } 
\hline \text { Total Assessed Value } & \text { Budget Required } \
\hline 59,000,000 & \$ 990,000 \
\hline
\end{array}$$

Accepted Answer

The answer of Calculate the tax rate in decimal form...

Question 20

Calculate assessed value:
Given: property tax $5,200; 32 mills tax rate

Accepted Answer

$5,200 / .032 = $162,500.

Quiz 19: Sales, Excise, and Property Taxes

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,200.15 (includes a 5% tax).

Calculate the tax rate in decimal form (six decimal places): $\begin{array} { | l | l | } \hline\text { Total Assessed Value } & \text { Budget Required } \\\hline \$ 51,000,000 & \$ 975,000 \\\hline\end{array}$

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.)

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

Complete (express answers to nearest hundredth): $\begin{array} { | l | l | l | l | l | } \hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \operatorname { Per } \$ 1,000 & \text { Mills } \\\hline 084381 & \text { A } & \text { B } & \text { C } & \text { D } \\\hline\end{array}$

Complete (express answers to nearest hundredth): $\begin{array} { | l | l | l | l | l | } \hline \text { Decimal Tax Rate } & \% & \text { Per } \$ 100 & \operatorname { Per } \$ 1,000 & \text { Mills } \\\hline 081392 & \text { A } & \text { B } & \text { C } & \text { D } \\\hline\end{array}$

The home of Edward Sloan is assessed at $72,000. The tax rate is $148.50 per $1,000 of assessed valuation. Calculate Edward's tax that is due.

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,110.50 (includes a 7% tax).

The market value of a home is $90,000. Find the assessed value if the assessment rate is 71%.

Calculate the assessed valuation: $\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 82 \% & \$ 125,000 \\\hline\end{array}$

Calculate the total purchase price: Given: retail price $30,000; Sales tax 7%; Excise tax 10%

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.)

The market value of a home is $200,000. Find the assessed value if the assessment rate is 64%.

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000. Assuming that his sales did not include sales tax, what would have been Alfred's tax liability?

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

The home of Tom Burke is assessed at $60,000. The tax rate is 15.18 mills. What is the actual amount of tax on Tom's home?

Calculate the tax rate in decimal form (six decimal places): $\begin{array} { | l | l | } \hline \text { Total Assessed Value } & \text { Budget Required } \\\hline 59,000,000 & \$ 990,000 \\\hline\end{array}$

Calculate assessed value: Given: property tax $5,200; 32 mills tax rate

Quiz 19: Sales, Excise, and Property Taxes

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,200.15 (includes a 5% tax).

The county of Rolly needs $910,000 from property tax to meet its budget requirements. The total value of assessed property in Rolly is $150,000,000. What would the tax rate of Rolly be (to five decimal places)? Express the rate in mills. (Round off to two decimal positions if necessary.)

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000, and that included the 4% sales tax. Alfred would like a breakdown of actual sales as well as the amount of sales tax owed to the state. Can you help Alfred?

The home of Edward Sloan is assessed at $72,000. The tax rate is $148.50 per $1,000 of assessed valuation. Calculate Edward's tax that is due.

Calculate (A)actual sales and (B)sales tax liability. Total sales: $1,110.50 (includes a 7% tax).

The market value of a home is $90,000. Find the assessed value if the assessment rate is 71%.

Calculate the assessed valuation: Assessed Rate Market Value 82%$125,000\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 82 \% & \$ 125,000 \\\hline\end{array} Assessed Rate 82%​ Market Value $125,000​​

Calculate the total purchase price: Given: retail price $30,000; Sales tax 7%; Excise tax 10%

Bonnie Flow pays a property tax of $3,000. In her community, the tax rate is 58 mills. Can you calculate for Bonnie her assessed valuation? (Round to the nearest dollar.)

The market value of a home is $200,000. Find the assessed value if the assessment rate is 64%.

Alfred Slide owns a toy store in which there is a state sales tax of 4%. For the week of December 9, sales were $154,000. Assuming that his sales did not include sales tax, what would have been Alfred's tax liability?

Al's Garage has a market value of $425,000. The property in Al's area is assessed at 40% of the market value. The tax rate is $148.50 per $1,000 of assessed valuation. Find the tax for Al.

The home of Tom Burke is assessed at $60,000. The tax rate is 15.18 mills. What is the actual amount of tax on Tom's home?

Calculate assessed value: Given: property tax $5,200; 32 mills tax rate

Calculate the assessed valuation: $\begin{array} { | l | l | } \hline \text { Assessed Rate } & \text { Market Value } \\\hline 82 \% & \$ 125,000 \\\hline\end{array}$