Ron Larson
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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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