### 5.3–5.4 Quiz

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• 1. Combined Tax Rate

You own a \$90,000 home in Pennsylvania. The assessment level is 20%. The annual property tax rates on your home are shown. What is the combined tax rate?

• Worked-Out Solution

The combined tax rate is

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``` ______     ______    _  _     _____    ______
|      \\  /_   _//  | \| ||  |  ___|| |      \\
|  --  //   -| ||-   |  ' ||  | ||__   |  --  //
|  --  \\   _| ||_   | .  ||  | ||__   |  --  \\
|______//  /_____//  |_|\_||  |_____|| |______//
`------`   `-----`   `-` -`   `-----`  `------`

```
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• 2. Property Tax

You own a \$90,000 home in Pennsylvania. The assessment level is 20%. The annual property tax rates on your home are shown. What is the property tax for your home?

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```  ____     __   __    ____     _    _    _    _
|  _ \\   \ \\/ //  |  _ \\  | || | || | || | ||
| |_| ||   \ ` //   | |_| || | || | || | || | ||
| .  //     | ||    | .  //  | \\_/ || | \\_/ ||
|_|\_\\     |_||    |_|\_\\   \____//   \____//
`-` --`     `-`'    `-` --`    `---`     `---`

```
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• 3. Effective Property Tax Rate

You own a \$90,000 home in Pennsylvania. The assessment level is 20%. The annual property tax rates on your home are shown. What is the effective property tax rate?

• Worked-Out Solution

The effective property tax rate is

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When posting a comment, you agree to our Terms of Use.

```  ______     ___      _  __     ___      ______
/_____//   / _ \\   | |/ //   / _ \\   /_____//
`____ `   | / \ ||  | ' //   | / \ ||  `____ `
/___//    | \_/ ||  | . \\   | \_/ ||  /___//
`__ `      \___//   |_|\_\\   \___//   `__ `
/_//       `---`    `-` --`   `---`    /_//
`-`                                    `-`
```
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• 4. Discounts for Early Payments

You own a \$90,000 home in Pennsylvania. The assessment level is 20%. The annual property tax rates on your home are shown. County and township taxes are due by June 30. When paid by April 30, there is a 3% discount on county taxes and a 2% discount on township taxes. How much is due when you pay by April 30?

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```            _____     ______    ______
___    |  ___||  /_____//  /_   _//   ____
/   ||  | ||__    `____ `    -| ||-   |    \\
| [] ||  | ||__    /___//     _| ||_   | [] ||
\__ ||  |_____||  `__ `     /_____//  |  __//
-|_||  `-----`   /_//      `-----`   |_|`-`
`-`             `-`                 `-`
```
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• 5. Local and State Taxes

Use the paystub of a college student residing in Pennsylvania. Calculate the local and state taxes.

• Worked-Out Solution

The local tax is a flat tax of 1%. So, this employee's local tax is

Pennsylvania has a flat state tax rate of 3.07%. So, this emlpoyee's state tax is

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``` ______      ___      _____      ___      ____
|      \\   / _ \\   |__  //    / _ \\   |  _ \\
|  --  //  | / \ ||    / //    | / \ ||  | |_| ||
|  --  \\  | \_/ ||   / //__   | \_/ ||  | .  //
|______//   \___//   /_____||   \___//   |_|\_\\
`------`    `---`    `-----`    `---`    `-` --`

```
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• 6. Social Security and Medicare Taxes

Use the paystub of a college student residing in Pennsylvania. Calculate the Social Security and Medicare taxes.

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``` _    _    _    _    __   __     ___     _____
| \  / || | || | ||  \ \\/ //   / _ \\  |  __ \\
|  \/  || | || | ||   \   //   / //\ \\ | |  \ ||
| .  . || | \\_/ ||   / . \\  |  ___  ||| |__/ ||
|_|\/|_||  \____//   /_//\_\\ |_||  |_|||_____//
`-`  `-`    `---`    `-`  --` `-`   `-`  -----`

```
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• 7. Payroll Taxes

Use the paystub of a college student residing in Pennsylvania. What percent of the earnings go to taxes?

• Worked-Out Solution

The completed pay stub is shown below.

The effective tax rate for this college student is

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```__    __   _    _     ______    ______   _____
\ \\ / // | || | ||  /_   _//  /_   _// |  __ \\
\ \/ //  | || | ||  `-| |,-    -| ||-  | |  \ ||
\  //   | \\_/ ||    | ||     _| ||_  | |__/ ||
\//     \____//     |_||    /_____// |_____//
`       `---`      `-`'    `-----`   -----`

```
There are no comments.
• 8. Retirement

A worker's annual Social Security Statement indicates that he would receive \$1072 per month by retiring at age 62, or \$1938 per month by retiring at age 70. How long would he have to live to make waiting until age 70 more economical? Assume a 3% cost-of-living increase each year.

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When posting a comment, you agree to our Terms of Use.

```  _  __    ______   _____     __   __   _    _
| |/ //  /_   _// |  __ \\   \ \\/ // | || | ||
| ' //    -| ||-  | |  \ ||   \ ` //  | || | ||
| . \\    _| ||_  | |__/ ||    | ||   | \\_/ ||
|_|\_\\  /_____// |_____//     |_||    \____//
`-` --`  `-----`   -----`      `-`'     `---`

```