Page 61 - Calculating Agriculture Cover 20191124 STUDENT - A
P. 61
CH 4] Calculating Agriculture 4-23
12. Sales tax 7.25%, luxury tax 10%, sale price of Rolls Royce, $175,000.
(a) (0.0725 + 0.10) x $175,000 = $30,187.50 Total Tax
(b) $30,187.50 + $175,000.00 = $ 205,187.50 Total Cost
Refer to Pages 4-13 & 4-14
D) Calculate the Amount of excise tax for each of these products and their value. Where
applicable in each round to the nearest cent.
13. The excise tax is $2.87 per pack of cigarette when purchasing 40 cartons of 10 packs
per carton at $98.50 per carton. How much is the excise tax on this shipment?
Number of packs per carton x excise tax = total excise tax
10 packs/carton x 40 Cartons x $2.87 per pack = $1,148.00 excise tax
14. The excise tax on beer is $0.5645 for every gallon shipped. The brewer is shipping
14,320 gallons. How much is the excise tax on this shipment?
Number of gallon x excise tax = total excise tax
14,320 gallons x $0.5645 per gallon = $8,083.64 excise tax
15. The excise tax on wine is $1.07 per gallon shipped. The vintner is shipping 52,000
gallons. How much is the excise tax on this shipment?
Number of gallon x excise tax = total excise tax 4
52,000 gallons x $1.07 per gallon = $55,640.00 excise tax
16. The excise tax on distilled spirits $35.22 for every gallon shipped. The distiller is
shipping 72,000 gallons. How much is the excise tax on this shipment?
Number of gallon x excise tax = total excise tax
72,000 gallons x $35.22 per gallon = $2,535,840.00 excise tax
Refer to Page 4-15
E) Calculate the property tax in each of the following problems, round to the nearest
cent. Convert to Decimal and Multiply.
17. 1.86% of $152,000.00 20. 2.35% of $158,640.00
0.0186 x $152,000.00 = $2,827.20 0.0235 x $158,640.00 = $3,728.04
18. 3.125% of $320,000.00 21. 1.54% of $367,350.00
0.03125 x $320,000.00 = $10,000.00 0.0154 x $367,350.00 = $5,657.19
19. 1.65% of $297,500.00 22. 1.9 % of $6,487,200.00
0.0165 x $297,500.00 = $4,908.75 0.019 x $6,487,200.00 = $123,256.80
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