Chapter 11: Taxes Definitions, examples, etc. taken from Contemporary Business Mathematics for Colleges, 14th Edition by Deitz & Southam, Thomson Southwestern.

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Presentation transcript:

Chapter 11: Taxes Definitions, examples, etc. taken from Contemporary Business Mathematics for Colleges, 14th Edition by Deitz & Southam, Thomson Southwestern Publisher.

Key Terms / Items Sales Tax: a government levy on retail sales of certain goods and services. Rates vary depending upon county and state. Excise Tax: a tax assessed on each unit. Examples include gasoline, cigarettes, and alcoholic beverages. Rates vary and include both federal and state assessments.

Key Terms / Items (continued) Property Tax: a tax on real estate or other property, such as machinery owned by a business. Based upon assessed value. Assessed value: ordinarily based on the current market value of the property. To calculate tax rate in percent: divide the amount of the money the government units needs to raise by the total assessed valuation of the particular unit.

Key Terms / Items (continued) Mill: a tenth of a cent or $.0001. To convert mills to dollars, divide by 1,000. To convert cents to mills, multiply by 10. See formulas on page 206. Form 1040 – form filed by individuals for federal income tax purposes. Example provided by www.irs.gov.