TAILIEUCHUNG - Lecture Practical business math procedures (11/e) - Chapter 19: Sales, excise, and property taxes

After studying this chapter you will be able to: Compute sales tax on goods sold involving trade and cash discounts and shipping charges, explain and calculate excise tax, calculate the tax rate in decimal, compute property tax due. | SALES, EXCISE, AND PROPERTY TAXES Chapter Nineteen Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 Compute sales tax on goods sold involving trade and cash discounts and shipping charges. Explain and calculate excise tax. LU19-1: Sales and Excise Taxes Learning unit objectives LU 19-2: Property Tax Calculate the tax rate in decimal. Convert tax rate in decimal to percent, per $100 of assessed value, per $1,000 of assessed value, and in mills. Compute property tax due. 2 19- Sales taxes are paid on certain goods and services. Sales Tax The sales tax percent is set by each state. Merchants collect funds and forward them to government agencies. 3 Sales Tax Compute sales tax and total price given the following information: Selling price of battery: $32 Shipping charge: $ Trade discount: Sales tax: 5% Check 100% is base + 5% is tax = 105% Manual calculation Price Trade discount Taxable x .05 Tax + Taxable

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