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Dice. Stee fosing pr Market Valve 1. $51,000 165,000 $150,000 49,000 $900,000 +3108,000 ara) 2 3 4 5. 6. $75,000 7 8. $86,000 9. $1,000,000 0. $92,000 Money Needed 11. $800,000 12, $62,000 13, $45,000 14, $208,000 15. $138,000 16. 580,000 17. $149,000 18, $500,000 19. $200,000 20, $1 ilion esd sige 0965 |A. Compute the amount of property tax due. Round to the nearest hundredth, Assessed Value Tax Rate 2056 $1.50 per $1,000 60% $2.05 per $1,000 50% $3.95 per $10,000 65% 46 mls per dollar 80% $50 per $10,000 80% 81.75 per $1,000 50% 22 mils per dollar 65% $2.75 per $1,000 50% 51.95 per $10,000 30% 45 mills per dolar 8. Compute the property tax rate, Round to the nearest whole percent. Assessed Value $10,000,000 : $900,000 es $775,000 = $1,000,000 = $3,300,000 - $800,000 : $21,000,000 51,000,000 $3,000,000 - 56 bition : Tax Due Tax Rate Sn BUSINESS MATH USING EXCEL an ne en mmm eww ee omar TantaTdid 2d SF C. Solve the follawing problems from the fects given. Assessed market vale 40% ‘Market value $180,000, Total budget needed $120,000 Total asested value $51,200,000 21. Calculate the tax rate forthe community in decimals (o the nearest thousandth). 22. Calculate the property we at $3.00 per $100 of assessed value. 23. Calculate the property tax at $3.00 per $1,000 of assessed valve 24, Calculate the property tax at 20 mill (ta nearest hundredth) of assesied value Eecrciitte 25, Maclson County Tax Assessor, Robert Graves, received the budget requests from the various county ditt for the coming year The total budget amount needed is $775,000,000. The total assesses property Valuation is $5,000,000,000. What wil the new tax rate bbe? Round to the nearest whole percent 26. Flidio Marcelino purchased a home with a market value of $156,000 in Daas County. The assessment rate in Dallas County is $5.40 pet 51,000 based on 10086 market value. What is the amount of propery tax? D, Use Excel to calculate assessed value, tax rate, and property tax 27. Retrieve chOex01 x15 fom your student Data CD. 8, Enter multimath formulas in Columa D to calculate the Tax Due, by, Format Column for Currency, 2 Decimal places, and 5. © Save the fleas chOSerOla.xls. 28, Rettieve chOsex02.15 from your student Data CD. 4. Enter formulas in Column C to calculate the Assessed Value ', Enter formulas in Column F to calculate the Property Tax Due, © Format Column C for Currency, 0 Decinal places, and 8. Format Column F for Currency, 2 Decimal places, and 8. 4. Save the fle as chOsexO2a.xl a (CHAPTER 6 + Taxes and! insurance: 255 Saray erent sane areca Sa ann ees unemployment tax. Sascem comers qa = 5, Use Excel to calculate ‘UTA, FUTA and federal Income tax. ‘Alan oformalon ihe 256 6.2 State Unemployment Tax, Federal Unemploy- ment Tax, and Federal Income Tax Objective 1. Identity terms used with state unemploymant tax (SUTA, {adaral unecployment tax (FUTAD, and federal income tax. You wil nee to Tear the folowing tees relates state a feel tans. Adjusted Gross Inconne Total income mina otal adjusteens Aainsiments Income Aten ou fat ncomeate ce Inoning expenses cher MSA conubution, TRA eductony, Cmploynent ath insurance dehctn, pay for ety it Sotoyment tox ond mon Pa ured tncome Cralt 1 you do 201 have any sing sen, you tare sta 910,70 ae you or your peu ates 25 yas todimeet one uaifaons ol youve one guaiying child and you thine stan 532 121, 9a tay) for non cu met Sim sce ened income ee Exemptions The exper alowed one exemption faded. You fay srt a edtion oF 800 frm your totale HO 22 for cock epee Fever Unemployment ax Act (UTA) Ths tx els fd te soe opment ic ey Contes a cana foo Do Amounts subtracted ftom adsted gross income before tx x compute, Deductions ate Hist on Shell A, Here ate some examples of deduetions allowed im 2002, ‘= Medical and dontal expenses that are more than 7.5% adjusted ross income ‘= state and local income axes 1 Realestate taxes state, local, oF forelga) pald on realestate you oxen that was not nse for business, ut only fhe tases are based 00 the amseswed value of the property 1 Pessonal propesty taxes pad, but only if the taxes are based on vale lone and are changed on 2 yearly basis ' Home mortgage interest 1 tovestment interest pald on money you borrowed that is allocated to property held for invest@ent 1 Contributions to tax exempt organizations that are rligons, chat: table, educational, scentiic, of Mterary in purpose or that work 10 prevent crusty to childken ov asmale alo contributions to fea, State, and local governments if gue are used solely for pubic purposes of your BUSINESS MATH USING EXCEL ‘Mom -bnnainnge recast HN errreerercerrrre ere t399i ie