Business 214, Chapter 19 by AUSTIN CLOSNER https://padlet.com/austin_closner75948/p31jdep3yfnf Sales, Excise, and Property Tax en-us 2017-10-04 19:58:53 UTC 2021-01-15 21:29:29 UTC hello@padlet.com Sales Tax austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194075962 In many cities, countries, and states, the seller of a product or service collect sales tax and forward to the appropriate government agency. ]]> 2017-10-04 20:10:23 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194075962 Calculating Actual Sales austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194076639
Actual Sales= Total Sales/ 1+ Tax Rate]]> 2017-10-04 20:12:33 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194076639 Excise Tax austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194077116 Excise taxes are paid when purchases are made on a specific good and are often included in the price of the product. ]]> 2017-10-04 20:13:46 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194077116 Property Tax austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194077687 A property tax is an tax on the value of the property usually levied on real estate. ]]> 2017-10-04 20:14:59 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194077687 How to Calculate Property Tax Due austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194078253
]]> 2017-10-04 20:16:35 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194078253 Assessed Value austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194078869 Assessed value is the value of a property that an assessor sets that is used in calculating property taxes. ]]> 2017-10-04 20:18:27 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194078869 Mill austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194079401 A mill is  1/10 of a cent or 1/1,000 of a cent or of a dollar (.001). To represent the number of mills as a tax rate per dollar, we divide the tax rate in decimal by .001.]]> 2017-10-04 20:20:06 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194079401 Determining The Tax Rate austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194079430
]]> 2017-10-04 20:20:08 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194079430 Sales and Excise Tax Example austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194081263
On June 1, Angel Rowe bought a fur coat for a retail price of $6,000. Sales tax is 8% with an excise tax of 9%. Her total cost is as follows:

6,000
+ 480 (6,000*.08) sales tax
+ 540 (6,000*.09) excise tax
= 7,020]]> 2017-10-04 20:25:08 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194081263 Personal Property austin_closner75948 https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194082579 Items of possession, such as cars, home, furnishings, jewelry, that are taxed by the property tax. ]]> 2017-10-04 20:29:32 UTC https://padlet.com/austin_closner75948/p31jdep3yfnf/wish/194082579