Exam 8: Sales, Excise, and Property Taxes

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

Excise tax is based on a percent of the retail price of a product or service.

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?

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. Assuming that Slide's sales did not include sales tax, what would have been Alfred's tax liability?

Calculate tax rate in decimal form (six decimal places):

Sales tax is collected by wholesalers.

Complete (express answers to nearest hundredth):

Calculate the assessed valuation:

Sales tax is taken on shipping charges.

Sales tax is required in all states.

Calculate amount of tax due:

The tax rate of $.0984 in decimal can be expressed as how many mills?

Calculate the assessed valuation:

Tax rate per dollar is calculated by taking the budget needed divided by the total assessed value.

Excise tax and sales tax are really the same tax.

Usually assessed value is rounded to the:

Assessed valuation is equal to the assessment 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?

All charitable organizations pay a sales tax.

Rick Presser's home has a market value of $260,000. His assessed rate is 45%. What is the assessed value?