REMARK.—The rate of taxation being usually small, is expressed most conveniently as so many cents on $100, or as so many mills on $1. 2. A's property is assessed at $3800; the rate of taxation is 96 ct. on $100 (9%): what is his whole tax, if he pays a poll-tax of $1? $37.48 REMARKS.-1. In making out bills for taxes, a table is used, containing the units, tens, hundreds, thousands, etc., of property, with the corresponding tax opposite each. 2. To find the tax on any sum by the table, take out the tax on each figure of the sum, and add the results. In this table, the rate is 11%, or 125 ct. on $100. TAX TABLE. Prop. Tax. Prop. Tax. Prop. Tax. Prop. Tax. Prop. Тах. 2.50 .0375 30 .375 300 3.75 .0125 $10 .125 $100 $1.25 $1000 $12.50 $10000 $125 2000 3000 3. What will be the tax by the table, on property assessed at $25349? SOLUTION.-The tax for $20000 is $250; for $5000 is 62.50; for $300 is $3.75; for $40 is .50; for $9 is .1125; which, added, give $316.86, the tax on $25349. 4. Find the tax for $6815.30 $85.19 5. What is the tax on property assessed at $10424.50, and two polls, at $1.50 each? $133.31 6. A's property is assessed at $251350, and B's at $25135. What is the difference in their taxes? $2827.69 CASE II. 282. Given the taxable property and the tax, to find the rate. Тах FORMULA. Rate. Taxable Property EXAMPLES FOR PRACTICE. 1. Property assessed at $2604, pays $19.53 tax: what is the rate of taxation? 3% 75 ct. on $100. 2. The taxable property in a town of 1742 polls, is $6814320; a tax of $66913 is proposed: if a poll-tax of $1.25 is levied, what should be the rate of taxation? 95 100% = 95 ct. on $100. 3. An estate of $350000 pays a tax of $5670: what is the rate of taxation? 131% $1.62 on $100. 4. A's tax is $50.46; he pays a poll-tax of $1.50, and owns $8704 taxable property: what is the rate of taxation? 1%%56 ct. on $100. CASE III. 283. Given the tax and the rate, to find the assessed value of the property. NOTE.-If any part of the tax arises from polls, it should be first deducted from the given tax. EXAMPLES FOR PRACTICE. 1. What is the assessed value of property taxed $66.96, at 14% ? $3720. 6 100 2. A corporation pays $564.42 tax, at the rate of 8%%, or 46 ct. on $100 find its capital. $122700. 3. A is taxed $71.61 more than B; the rate is 18%, or $1.32 on $100: how much is A assessed more than B? $5425. 4. A tax of $4000 is raised in a town containing 1024 polls, by a poll-tax of $1, and a property-tax of 24% (24 ct. on $100): what is the value of the taxable property in it? $1240000. 5. A's income is 16% of his capital; he is taxed 21% of his income, and pays $26.04: what is his capital? $6510. CASE IV. 284. Given the amount left after payment of tax and the rate, to find the assessed value of the property. FORMULA. Amount Left after Payment = Taxable Property. EXAMPLES FOR PRACTICE. 1. A pays a tax of 1% ($1.35 on $100) on his capital, and has left $125127.66: what was his capital, and his tax? Capital, $126840; tax, $1712.34 2. Sold a lot for $7599, which covered its cost and 2% beside, paid for tax: what was the cost? $7450. VIII. UNITED STATES REVENUE. DEFINITIONS. 285. 1. The Revenue of the United States arises from the Internal Revenue, from the Customs, and from Sales of Public Lands. 2. The Internal Revenue is derived from taxes on spirits, tobacco, fermented liquors, banks, and from the sale of stamps, etc. 3. The Customs or Duties are taxes imposed by Government on imported goods. They are of two kinds,ad valorem and specific. 4. Ad Valorem Duties are levied at a certain per cent on the cost of the goods as shown by the invoice. 5. Specific Duties are certain sums collected on each gallon, bushel, yard, ton, or pound, whatever may be the cost of the article. NOTE.-Problems involving specific duty only are not solved, of course, by the principles of Percentage. 6. An Invoice is a detailed statement of the quantities and prices of goods purchased. 7. A Tariff is a schedule of the rates of duties, as fixed by law. NOTES.-1. The collection of duties is made at the custom-houses established at ports of entry and ports of delivery. The principal custom-house officers are collectors, naval officers, surveyors, and appraisers. 2. Tare is an allowance for the weight of whatever contains the goods. Duty is collected only on the quantities passed through the custom-house. The ton, for custom-house purposes, consists of 20 cwt., of 112 lb. each. 3. On some classes of goods, both specific and ad valorem duties are collected. The cost price, if given in foreign money, must be changed to United States currency. 286. Problems in United States Customs, where the duty is wholly or in part ad valorem, are solved by the principles of Percentage. The quantities involved are: the Invoice Price corresponding to the Base; the Duty, corresponding to the Percentage; and the Total Cost of the importation, corresponding to the Amount. 287. CASE I. Given the invoice price and the rate, to find the duty. FORMULA.- Invoice Price Rate= Duty. EXAMPLES FOR PRACTICE. 1. Import 24 trunks, at $5.65 each, and 3 doz. leather satchels, at $2.25 each; the rate is 35% ad valorem: what is the duty? $75.81 2. What is the duty on 45 casks of wine, of 36 gal. each, invoiced at $1.25 a gal., at 40 ct. a gal. specific duty? $648. 3. There is a specific duty of $3 per gallon, and an ad valorem duty of 50% on cologne-water: what is the total amount of duty paid on 25 gallons, invoiced at $16.50 per gallon? $281.25 4. What is the total duty on 36 boxes of sugar, each weighing 6 cwt. 2 qr. 18 lb., invoiced at 2 ct. per lb., the specific duty being 2 ct. per lb., and the ad valorem duty 25%? $704.97 5. What is the duty on 575 yards of broadcloth, weighing 1154 lb., invoiced at $2.56 per yd., the specific duty being 50 ct. per lb., and the ad valorem duty 35%? If the freight, charges, and losses amount to $160.80, how much a yard must I charge to gain 15% ? Duty, $1092.20; price per yard, $5.45 6. A merchant imported a ton of manilla, invoiced at 5 ct. per lb.; he paid a specific duty per ton, which, on this shipment, was equivalent to an ad valorem duty of 22.9%: what is the specific duty? 7. Received a shipment of 3724 lb. of wool, 23 ct. per lb.; the duty is 10 ct. per lb., and 11% less 10% what is the total amount of duty? 28 $25 per ton. invoiced at ad valorem, $419.96 |