Deck 11: Taxes

Question 1

​Grandview has a total assessed valuation of $940,000,000. The amount to be raised by taxation is $17,202,000. Compute the tax rate and express the answer as a percentage.

Answer 1

l.83%

Question 2

​Juan Ortiz lives in a state having a 6% sales tax. Juan Ortiz purchased items costing the following amounts: $7.35, $8.12, $1.98, $29.50, and $2.40. Compute the total amount of the purchases including tax.

Answer 2

$52.31

Question 3

​Sam Urvine lives in a state having a sales tax of 7.5%. Compute the amount of tax Sam Urvine will pay on a purchase of $5,200.

Answer 3

$390

Question 4

Hill County is divided into three communities whose assessed valuations, determined individually, are shown in the table below, along with the percentage of assessed value to true value. In the answer column on the right, show what each community's assessment should be for the fair sharing of the county's overhead expenses. Round answers to the nearest dollar.
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Question 5

​The town of San Juan has a total assessed valuation of $680,000,000. The amount to be raised by taxation is $12,580,000. Compute the tax rate and express the answer as a percentage.

Question 6

​Lucy McCoy purchased an item costing $16 in a state having a sales tax of 5%. Compute the amount of change she received from a $20 bill.

Question 7

​Dover City has a valuation rate of 40%. If a building in Dover City has a market value of $220,000, compute the amount of assessed valuation.

Question 8

​In a certain development, the houses sell for $250,000. They are located on both sides of a street which is the boundary line between Amber City and Bradley City. Amber City assesses at 40% of market value and has a tax rate of $3.60 per $100. Bradley City assesses at 50% of market value and has a tax rate of $2.98 per $100. Determine which side of the street a buyer would have lower taxes, and by how much.

Question 9

Willow Falls has a valuation rate of 30%. If a building in Willow Falls has an assessed valuation of $90,000, compute the market value of the building.​

Question 10

​The assessed valuation of a community is 60% and the tax rate is 1.6%. More revenue is needed. The assessed valuation is being left at 60% and the tax rate is being raised to 1.9%. Compute how much more tax money per $100 of market value, the increase will generate.

Question 11

Robert Velasco planned to purchase furniture costing $29,900. The sales tax in Robert Velasco's home state was 8%. The sales tax in a neighboring state was 3%. Delivery charge from the neighboring state would be $1,000. Compute the amount Robert Velasco would save by purchasing furniture from the neighboring state.​

Question 12

​Meadow Lakes has a valuation rate of 25%. If a building in Meadow Lakes has an assessed valuation of $80,000, compute the market value of the building.

Question 13

​Forestville has a total assessed valuation of $340,000,000. The amount to be raised by taxation is $6,290,000. A building in Forestville has an assessed valuation of $120,000. Compute the amount of taxes the building owner will pay.

Question 14

​John Naraghi purchased an item costing $18 in a state having a sales tax of 4%. Compute the amount of change John Naraghi received from a $20 bill.

Question 15

David Engler lives in a state having a sales tax of 8%. Compute the amount of tax David Engler will pay on purchases totaling $90.​

Question 16

​Yvonne Plaatje lives in a state having a sales tax of 6%. Yvonne Plaatje crossed the state line into a state having a 3% tax rate to make a purchase in the amount of $562. If transportation to the next state cost Yvonne Plaatje $20, compute the amount lost by purchasing in another state.

Question 17

Donna Beatty purchased an item costing $160 in a state having a sales tax of 4.5%. Compute the amount of money Donna Beatty paid the sales clerk.​

Question 18

Paula Jacobs lives in a state having a sales tax rate of 8%. Paula Jacobs crossed the state line into a state having a 3% sales tax rate to make a purchase in the amount of $5,743. Compute the amount Paula Jacobs saved in sales tax by purchasing in the neighboring state.​

Question 19

​Daniel James lives in a state having a sales tax rate of 7%. Daniel James crossed the state line into a state having a 4% sales tax rate to make a purchase in the amount of $4,564. Compute the amount Daniel James saved in sales tax by purchasing in the neighboring state.

Question 20

Jordon Wilson lives in a state having a sales tax of 5%. Compute the amount of tax he will pay on a purchase of $285.60.​

Question 21

​The town of Oakdale assesses property at 70% of market value. The tax rate is 2.3%. A hospital has a total market value of $850,000. How much does the hospital save by being exempt from property taxes?

Question 22

​Rates for a single taxpayer are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Brian Jackson, a single taxpayer, earned $34,000. He took the standard deduction of $5,700 for a single taxpayer and one exemption of $3,650. Compute the amount of income tax.

Question 23

​A veteran living in Huntsville receives a partial exemption of 10% of regular property taxes. The veteran owns property valued at $230,000. If the property is assessed at 60% of value and the current rate is 1.6%, how much tax is due each six months?

Question 24

​The town of Duncan assesses property at 60% of market value. The tax rate is 2.5%. A building has a total market value of $760,000. How much does the building save by being exempt from property taxes?

Question 25

​A home having an annual tax bill of $1,800 was sold at the end of the ninth month of the taxable year. The seller had already paid the entire tax for the year. How much tax was the seller reimbursed on proration of taxes at the time of the sale?​

Question 26

​The residents of Ashville voted to widen their roads, at a cost of $220 per residence, with the cost spread over a 10-year period. The Parker family had an annual tax bill of $320 before the improvements. If they pay their property taxes semiannually, what will be the amount of their next tax payment?

Question 27

​A veteran living in Tulsa receives a partial exemption of 10% of regular property taxes. The veteran owns property valued at $190,000. If the property is assessed at 70% of value and the current rate is 1.2%, how much tax is due each six months?

Question 28

George and Sarah Gains had a combined gross income of $55,800. They took the standard deduction of $11,400 for a married couple filing a joint return. They have 3 children ages 6, 9, and 13 years. The amount for each exemption is $3,650. Compute their taxable income.​

Question 29

​A home having an annual tax bill of $1,500 was sold at the end of the sixth month of the taxable year. The seller had already paid the entire tax for the year. How much tax was the seller reimbursed on proration of taxes at the time of the sale?

Question 30

​If a property tax rate is 15 cents on $1, what is that rate in mills?

Question 31

James and Judy Silvers own a small apartment complex. They received rents of $26,000 last year. Judy painted and sold landscapes for $11,700. James received $9,300 in royalties for some magazine articles. Compute their combined gross income.​

Question 32

A home having an annual tax bill of $2,460 was sold at the end of the eighth month of the taxable year. The seller had already paid the entire tax for the year. How much tax was the seller reimbursed on proration of taxes at the time of the sale?​

Question 33

​Express a tax rate of 1.27% in dollars.

Question 34

​A home having an annual tax bill of $2,400 was sold at the end of the tenth month of the taxable year. The seller had already paid the entire tax for the year. How much tax was the seller reimbursed on proration of taxes at the time of the sale?

Question 35

Rates for a single taxpayer are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Ernest Silva, a single taxpayer, earned $28,000 working days as a salesman and $5,000 working nights as a part-time janitor in a local factory. He itemizes the following deductions: $4,800 interest on his house, $920 state taxes, $800 donation to his church, and $300 donation to the Salvation Army. He takes one exemption of $3,650. Compute the amount of income tax.

Question 36

​The residents of Richmond voted to build a new library, at a cost of $180 per residence, with the cost spread over a 10-year period. The Wilson family had an annual tax bill of $2,580 before the improvements. If they pay their property taxes semiannually, what will be the amount of their next tax payment?

Question 37

Joe and Amy Kivers both worked last year. Joe earned $48,000 as a mechanic. Amy earned $18,000 doing typing at home. They inherited $12,000. Compute their combined gross income.​

Question 38

William Weston received $25,000 as manager of an apartment building, $50,000 as beneficiary of his late wife's insurance policy, $5,400 in interest on tax-exempt state bonds, and a gift of $900. Compute William's gross income.​

Question 39

​The town of Brownsville assesses property at 80% of market value. The tax rate is 1.8%. A church has a total market value of $580,000. How much does the church save by being exempt from property taxes?

Question 40

​Lee Johnston works as a waitress. Last year she earned $28,500 in salary, $9,800 in tips, and $2,500 catering on weekends. Compute her gross income.

Question 41

Rates for a head-of-household taxpayer are 10% of taxable income up to $11,950 and 15% thereafter up to $45,550. Jay Jasper, head of household, earned $32,000. He took the standard deduction of $8,400 for a head of household and exemptions of $3,650 each for himself and his two children. Compute the amount of income tax before credits.​

Question 42

Rates for a head-of-household taxpayer are 10% of taxable income up to $11,950 and 15% thereafter up to $45,550. Earlene Brown, head of household, earned $41,700. She itemized the following deductions: $6,600 interest on her house, $2,100 state tax, and a donation of $575 to her church. She took exemptions of $3,650 each for herself and her daughter. Compute the amount of income tax before credits.

Question 43

Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375and 15% thereafter up to $34,000. Harris and Donna Charles are filing separate returns. Harris earned $46,000 this year. He took the standard deduction of $5,700 and exemptions of $3,650 each for himself and the two children. Donna earned $25,000 this year. She took the standard deduction of $5,700 and an exemption of $3,650 for herself. Compute the amount of tax that the Charles family owed this year before credits.

Question 44

Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Rates for a couple filing a joint return are 10% of taxable income up to $16,750 and 15% thereafter up to $68,000. Patrick and Kelly O'Day are figuring their tax both ways for comparison before deciding which way to file. Patrick earned $15,000 and Kelly earned $35,000. The standard deduction for a married couple filing jointly is $11,400. The standard deduction for each married taxpayer filing separately is $5,700. Exemption for each taxpayer is $3,650.​
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a.Compute the amount of tax the O'Days will owe if they file a joint return.
b.Compute the amount of tax the O'Days will owe if they file two separate returns.

Question 45

Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68,000. George and Maria Susan earned combined gross income of $76,000. They took the standard deduction of $11,400 for a married couple filing a joint return and exemptions of $3,650 each for themselves and their two children. Compute the amount of income tax before credits.​

Question 46

Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375 and 15% thereafter up to $34,000. Rates for a couple filing a joint return are 10% of taxable income up to $16,750 and 15% thereafter up to $68,000. Miller and Laura Collins are figuring their tax both ways for comparison before deciding which way to file. Miller earned $20,000 and Laura earned $40,000. The standard deduction for a married couple filing jointly is $11,400. The standard deduction for each married taxpayer filing separately is $5,700. Exemption for each taxpayer is $3,650.​
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a.Compute the amount of tax the Collins will owe if they file a joint return.
b.Compute the amount of tax the Collins will owe if they file two separate returns.

Question 47

Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68,000. Joanna and Delbert Linton earned combined gross income of $26,000. They took the standard deduction of $11,400 for a married couple filing a joint return and two exemptions of $3,650 each. Compute the amount of income tax.

Question 48

Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68.000. Melvin and Marilyn Canfield earned combined gross income of $50,000. They took the standard deduction of $11,400 for a married couple filing a joint return and two exemptions of $3,650 each. Compute the amount of income tax.

Question 49

Rates for a couple filing a joint tax return are 10% up to $16,750 and 15% thereafter up to $68,000. William and Dana Souza earned combined gross income of $67,000. They took the standard deduction of $11,400 for a married couple filing a joint return and exemptions of $3,650 each for themselves and their three children. Compute the amount of income tax before credits.​

Question 50

Rates for a married taxpayer filing separately are 10% of taxable income up to $8,375and 15% thereafter up to $34,000. Murry and Ann Phillips are filing separate returns. Murry earned $34,000 this year. He took the standard deduction of $5,700 and exemptions of $3,650 each for himself and the three children. Ann earned $20,000 this year. She took the standard deduction of $5,700 and an exemption of $3,650 for herself. Compute the amount of tax that the Phillips family owed this year before credits.

Question 51

Rates for a couple filing a joint tax return are 10% up to $16.750 and 15% thereafter up to $68,000. Sadie and Gilbert Goldberg earned combined gross income of $72,000. They itemized the following deductions: $9,400 interest on their home, $3,700 state taxes, $2,500 donation to their church, and a $150 donation to Goodwill. They took exemptions of $3,650 each for themselves and their two children. Compute the amount of income tax before credits.