Εικόνες σελίδας
PDF
Ηλεκτρ. έκδοση

514. An income tax is reckoned at a fixed per cent on the net income of a person after certain deductions have been made.

515. ILLUSTRATIVE EXAMPLE. The whole amount to be raised for State, county, and town taxes in a certain town is $ 10600. The property of the town is valued at $ 1250000, and there are 300 polls, each taxed $2. What is the tax on $ 1 ? What is the tax of E. Stiles, who has $ 4000 worth of real estate and $ 1000 worth of personal property, and who pays 1 poll tax?

WRITTEN WORK.

$ 10600

600 1250000) 10000

0.008

5000

$40.
$ 40 + $ 2 $ 42

Ans. $0.008; $ 42.

Explanation.—$10600 less the amount of poll taxes leaves $10000 to be levied on $ 1250000, which is 8 mills on $1. If E. Stiles pays 8 mills on $1, on $ 5000 he will pay 5000 times 8 mills, or $ 40. $ 40 plus his poll tax of $2 is $ 42. Ans. 8 mills on $1 ; $ 42 tax.

516. From the above may be derived the following rules for assessment of taxes :

I. To find the rate of the property tax : Deduct from the whole amount to be raised the amount of the poll taxes, and divide the remainder by the amount of taxable property.

II. To find each person's tax : Multiply each person's taxable property by the rate, and to the product add his poll tax.

517. Examples for the Slate. 92. The tax levied by a certain town is $ 46800; the valuation of the town is $3600000, and there are 1800 polls, at $1 each. What is the tax on $1 ? What is the tax of A, who has $ 15000, and who pays a poll tax of $1 ?

93. The valuation of a school district is $48000. A tax of $ 120 is levied for the repairs upon a school-house. What is the tax on $1 ? What is assessed upon a person having $ 3500 of taxable property ?

94. What is the net tax in a town whose taxable property is $ 430000, the rate 12 mills on the dollar, 5% of the tax assessed being paid for collecting?

95. The school-tax of a certain town being $5625, at the rate of 33 mills on the dollar of taxable property, what is the taxable property ?

96. The amount of money to be raised by taxes in the town of H is $ 212093.20; the taxable property is $ 11522400; there are 3350 polls, each taxed $ 1.40. Find the tax on $ 1.

NOTE. Assessors commonly construct a table giving the tax on convenient amounts of property at the determined rate.

518. TAX TABLE.

Showing the tax on various sums, at the rate of 18 mills on $1.

PROP. Tax. PROP. Tax. PROP. Tax. PROP. $1 $0.018 $ 10 $0.18 $ 100 $1.80 $ 1000

2 0.036 20 0.36 200 3.60 2000 3 0.054 30 0.54 300 5.40 3000 4 0.072 40 0.72 400 7.20 4000 5 0.090 50 0.90 500 9.00 5000 6 0.108 60 1.08 600 10.80 6000 7 0.126 70 1.26 700 12.60 7000 8 0.144 80 1.44 800 14.40 8000 9 0.162 90 1.62 900 16.20 9000

Tax. PROP. $18 $ 10000 36 20000 54 | 30000 72 40000 90 50000 108 60000 126 70000 144 80000 162 90000

Tax. $180 360 540 720 900 1080 1260 1440 1620

97. Find by the above table the tax on $ 4250. NOTE. Find the tax on $ 4000, $200, and $50 separately, and add the results Find by the above table the tax 98. Of A on $ 3000.

102. Of E on $ 9068. 99. Of B on $ 2800.

103. Of F on $ 6555. 100. Of C on $ 7850.

104. Of G on $ 5687. 101. Of D on $ 1565.

105. Of Hon $ 10793.

CUSTOMS OR DUTIES.

519. The expenses of the national government are met in part by taxes upon imported guods; these taxes are called customs or duties.

Note I. A tax called tonnage is laid upon a vessel according to the weight she is estimated to carry.

Note II. Places are established by government for the collection of customs or duties ; these places are called ports of entry. Each port of entry has a custom house, which is in charge of an officer who collects the customs ; this officer is called the collector of customs.

520. A duty proportioned to the quantity of goods imported, is a specific duty. Thus a duty of 30% a pound on yarn is a specific duty.

Note. In estimating specific duties, an allowance is made (1) for waste, or impurities, called draft ; (2) for the weight of boxes, casks, etc., called tare ; (3) for the waste of liquids, called leakage ; (4) for the breaking of bottles, called breakage.

521. The weight of goods, before allowances are made, is called gross weight; and the weight, after all allowances are made, is called net weight.

522. A duty proportioned to the cost of goods in the country from whence they are imported, is an ad valorem duty. Thus a duty of 15% on iron castings is an ad valorem duty.

NOTE. A list of a ship's cargo containing a description of each package of goods imported, with the price in the currency of the country from whence imported, must be exhibited to the collector. Such a list is called an invoice or manifest. When nooinvoice is received, the value of the goods is determined by appraisement.

523. Examples for the Slate. 106. What is the duty at 54 a gallon, on 238 hogsheads of molasses, 60 gallons in a hogshead ?

107. What is the duty at 30 cents a gallon on 25 barrels of spirits of turpentine, 32 gallons in a barrel, leakage 2% ?

108. At 15%, what is the duty on 75 boxes of tin, 112 lbs. in each box, invoiced at 7% a pound, tare 10 pounds a box?

109. What is the duty at 2} cents a pound on 13 boxes of raisins, 24 lbs. in a box, tare 64 lbs. a box?

110. At 25%, what is the duty on 100 dozen watch-crystals invoiced at $1.50 a dozen, breakage 3% ?

111. At 36 %, what is the duty on 200 tons of bar-iron (2240 lbs. to a ton), invoiced at 21% a pound, tare 5 % ?

112. At 3}\ a pound and 10% ad valorem, what is the duty on 7147 lbs. of steel, invoiced at 20 cents a pound, damage being 8% ?

113. What is the cost at the store of 2556 lbs. of sugar bought in Havana for $ 148.92, on which is paid $35.75 for freight and carting, and 2) a pound for duties, after deduct ing 15% for tare?

524. General Review, No. 4. 114. Change it to a per cent. 115. Represent 120% decimally.

116. Change 1064% to a common fraction in its smallest terms.

117. What is } per cent of $ 56.49 ? 118. $ 700 is 140% of what number?

119. If a percentage is $ 540 and the rate 3%, what is the oase ?

120. 25% of a certain number exceeds 10% of it by $ 75. What is that number?

121. A schooner formerly valued at $ 7500 has depreciated 20%. What is her present value ?

122. Find the cost of goods which sell for $ 120 at a gain of 25%. 123. What

per

cent is 125 of 1200 ? 124. What commission must be paid for collecting $17380 at 3} per cent ?

125. What amount of stock can be bought for $9682, allow ing 1 per cent brokerage ?

126. What is the value of 20 shares bank stock, at 8} per cent discount, the par value of each share being $ 150 ?

127. How many shares of stock at 35% advance on a par value of $ 100 can be bought for $1215?*

128. Insurance was effected on the ship Susan, to Cadiz and back, for $ 10000 at 2%, and on her return cargo, worth $ 7500, at 11%. What was the amount of premium, including $1 for policy ?

129. What insurance may be covered by a premium of $ 28 at 4% ?

130. What is the insurance premium at } % on of a house worth $ 6000 ?

131. What is the duty, at 124 a lb. and 10% ad valorem, on 20 bags of wool, each containing 115 lbs., valued at 42 cts. per lb.?

525. Miscellaneous Examples. 132. A man paid for a house $4500, for repairs $157.50, and then sold it for 18% above the entire cost. What did he receive for it?

133. I bought 100 railroad shares at 116! and sold them at 120. What did I gain, the par value being $100 ?

134. A mason sold 75 barrels of lime at 27 % profit, and gained $40.50.

What was the cost per barrel ? 135. A broker bought 48 shares of $50-stock at 91% discount and sold them at 21% premium. How much did he make ?

136. What amount of current money will be given in exchange for $450 of that which is at 5% discount ?

137. If I buy 10 shares of stock originally worth $100 each at 18% above par, and sell it at 7 % below par, what do I lose?

138. A cotton-mill valued at $175000 is insured for of its value by two companies, the first taking of the risk at 0.9%, the second the remainder at 3%. What is the total cost of the premium?

* See Art. 499, note.

« ΠροηγούμενηΣυνέχεια »