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Business Math Homework 19
Don
Chather bought a new Dell computer for
$1,995. This included a 6% sales tax.
What is the amount of sales tax and the selling price before the tax? (Do not round intermediate calculations. Round your final answers to the nearest cent.) Actual sale $1882.08 Sales tax $112.92 1995 / 1.06 = 1882.08 1882.08 x 0.06 = 112.92 Bill Blake pays a property tax of $2,500. In his community, the tax rate is 55 mills. What is Bill's assessed value? (Do not round intermediate calculations. Round your answer to the nearest dollar.) Assessed value $45,455 The home of Bill Burton is assessed at $80,000. The tax rate is 18.50 mills. What is the tax on Bill's home? (Do not round intermediate calculations.) Property tax $1,480 Be careful when signing a work-for-hire agreement if you are a songwriter. You may lose all rights to your song in the copyright law world. If your song sells thousands on iTunes, you do not get to share in any of the publishing income. If you live in New Jersey and iTunes sold five of your songs for a total of $65,000, what is the tax owed at 7.0%? Tax owed $4,550 Lois Clark bought a ring for $6,000. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $40 shipping charge. What is the total purchase price of Lois's ring? Total purchase price $6,940 New Jersey ranks as the #1 most expensive state for property taxes. The average 2014 property tax was $8,161. If the 2016 rate is $5.99 per $100 of assessed value, how much does a homeowner owe for a property assessed at $136,500? Property tax $8,176.35 Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Madison, Wisconsin, earned the #1 spot in Livability.com's 2015 Top 100 Best Places to Live ranking. With a median home price of $217,500, if the property tax rate is $23.7963 per $1,000, How much does the average homeowner pay in property tax? (Round your final answer to the nearest cent.) Average homeowners pay in property tax $5,175.70. Bill Shass pays a property tax of $3,200. In his community, the tax rate is 50 mills. What is Bill's assessed value? (Do not round intermediate calculations.) Assessed value $64,000 Bemidji, Minnesota, needs $3,850,000 for its 2013 budget. Total assessed value of property in Bemidji is $353,211,009. What is the tax rate expressed as a percent, per $100, per $1,000, and in mills? (Round the "Percent" to the nearest hundredth percent, round "Per $100" & "Per $1000" to the nearest cent and round "Mills" to the nearest tenth.) Percent / 1.09% Per $100 / $1.09 Per $1,000 / $10.90 Mills / 10.9 mills The property tax rate for Minneapolis is $8.73 per square foot, and the Denver rate is $2.14 a square foot. Assume 3,500 square feet is occupied at each location. What is the difference paid in property taxes? (Do not round intermediate calculations.) Difference paid $23,065. The median home price in Arlington, Virginia, is $577,300. If the assessment rate is 100%. what is the assessed value? Assessed value $577,300. Blunt County needs $700,000 from property tax to meet its budget. The total value of assessed property in Blunt is $110,000,000. What is the tax rate of Blunt? (Round to the nearest ten thousandth. Express the rate in mills.) Tax rate 6.4 mills As indicated in the textbook, 45 states maintain a sales tax. What is the sales tax for Indiana where the Meadow Lake Wind Farm is located? Indiana has a 7% general sales tax. Chapter Tests 01 02 03 04 05
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Homework Chapter 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Need A Tutor? Need Homework Help? As indicated in the video, nearly $1 billion was invested in the development of the Meadow Lake Wind Farm. Assuming 25% of those dollars were spent locally and subject to Indiana's sales tax, calculate the actual sales made locally. Round to the nearest cent. $233,644,859.81 According to its state website (www.in.gov), Indiana maintains a 4% auto rental excise tax on vehicles weighing less than 11,000 pounds, $155.40 Assume the salaries and benefits of White County government personnel amounted to $18,000,000 last year. If this represents 60% of the total county budget, what is the total budget for White County? Round to the nearest dollar. $30,000,000 If the total assessed value of property in White County was $292,000,000 before the addition of the Meadow Lake Wind Farm, to the tax rolls, what would the tax rate need to be to cover its budget as calculated in Problem 4? Round to the nearest hundredth. .10 Now assuming that the Meadow Lake Wind Farm added $340,000,000 to the tax rolls for White County, what would the tax rate need to be to cover its budget as calculated in Problem 4? Round to the nearest hundredth. .05 Based on your answers to Problems 5 and 6, by what percent did the tax rate change? Round to the nearest percent. 50% decline Express the tax rate calculated in Problem 6 by percent, per $100, per $1,000, and in mills. Round to the nearest hundredth and nearest dollar as appropriate. $5, $50, 50.00 According to www.city-data.com, the mean price (market value) of a detached house in White County in 2009 was $159,996. Assuming the county assesses property at 32% of the market value, and using the tax rate calculated in Problem 6, what would be the total property tax due for a house at this mean price? Round the assessed value to the nearest dollar and the tax due to the nearest cent. $2,559.94 |
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