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5.3–5.4 Quiz

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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                 ___      ______   __   __    _____   
        ___     / _ \\   /_   _//  \ \\/ //  / ____|| 
       /   ||  | / \ ||    | ||     \ ` //  / //---`' 
      | [] ||  | \_/ ||   _| ||      | ||   \ \\___   
       \__ ||   \___//   /__//       |_||    \_____|| 
        -|_||   `---`    `--`        `-`'     `----`  
         `-`                                          
    
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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?

    pay stub

    • Worked-Out Solution

      The completed pay stub is shown below.

      The effective tax rate for this college student is

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     __   __   _    _     _  _      ___     _    _   
     \ \\/ // | || | ||  | \| ||   / _ \\  | |  | || 
      \   //  | || | ||  |  ' ||  | / \ || | |/\| || 
      / . \\  | \\_/ ||  | .  ||  | \_/ || |  /\  || 
     /_//\_\\  \____//   |_|\_||   \___//  |_// \_|| 
     `-`  --`   `---`    `-` -`    `---`   `-`   `-` 
                                                     
    
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  • 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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               __   __   _____     __   __   _    _   
        ___    \ \\/ // |  __ \\   \ \\/ // | \  / || 
       /   ||   \ ` //  | |  \ ||   \ ` //  |  \/  || 
      | [] ||    | ||   | |__/ ||    | ||   | .  . || 
       \__ ||    |_||   |_____//     |_||   |_|\/|_|| 
        -|_||    `-`'    -----`      `-`'   `-`  `-`  
         `-`                                          
    
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