bank allows interest at 4% from the first of each month on all deposits remaining in during an entire month, credited quarterly.

NOTE. Take the smallest balance in each month of the interest term, add them together, and divide by the number of months in the interest term, the result will be the average balance on deposit, and on this the interest is computed. From the sum of the balances of the six months point off two places and this will give the interest on the average balance at 6%. Deducting gives the interest at 42%.

11. A's account stands credited January 1, 1905, $435: Januuary 15, deposited $250; February 1, withdrew $145; March 10, withdrew $84; April 17, deposited $75; April 25, withdrew $300; May 22, deposited $250; June 18, deposited $60; July 28, deposited $340; July 31, withdrew $800; August 14, deposited $60; September 27, withdrew $25; October 20, deposited $38.50; November 5, withdrew $150; December 14, deposited $230. What will be the balance January 1, 1906, interest allowed at 4% on average monthly balances, and credited up semi-annually?

12. A clerk had on deposit in a savings bank July 1, 1905, a balance of $625; July 20, deposited $40; August 3, withdrew $130; August 17, deposited $65; September 24, withdrew $28.50; October 5, withdrew $90; October 27, deposited $54.80; November 11, deposited $43; November 18, deposited $40; November 30, withdrew $160; December 12, deposited $48.50; December 17, withdrew $24.60. What will be his balance January 1, 1906, interest allowed at 4% on average monthly balances and credited up quarterly?

13. What will be the amount of John C. Duncan's balance at the end of the year, in a savings bank which allows 4% interest on average monthly balances, and credits up the interest at the end of each quarter, his account standing as follows: January 1, 1905, balance brought down $435; January 17, deposited $86; February 20, withdrew $135; March 13, withdrew $136.25; March 26, deposited $800; April 16, withdrew $475; May 10, withdrew $500; June 4, deposited $36.80; June 28, withdrew $75; July 11, deposited $600; August 14, withdrew $586; September 18, deposited $267; October 15, withdrew $56; November 15, deposited $180; December 4, withdrew $250; December 26, withdrew $65.

TAXES

426. A Tax is a sum assessed on persons or property to pay the expenses of a State, County or City or for other public purposes.

427. Taxes levied by the General Government are of two kinds: Duties or Customs and Internal Revenue.

428. Taxes levied by the State, County or City are of two kinds: Property and Poll Tax.

429. Property Tax is a Tax on property reckoned at a certain per cent. on the assessed value.

430. Poll Tax is a tax assessed on persons; in most of the states on all male citizens over 21 years of age.

431. An Assessor is a person elected to estimate the valuation of taxable property.

432. A Collector is an officer whose duty it is to receive and collect taxes.

In some states collectors are paid a certain per cent. for their services, and the amount levied must include the amount of money necessary to be raised plus the collector's fee.

In computations in taxes,

1. Assessed Valuation Base. 2. Tax Percentage.

=

ORAL PROBLEMS

1. What is A's tax on property assessed at $1800, the tax levy being 11%? 11%? 1%? 1%?

2. What is a person's tax whose property is assessed at $5000, when the rate of taxation is 21% ? 11% ? 11%?

3. A's property is valued at $6000, the assessed valuation is . What is the tax, the rate of taxation being 14% ? 11%? 13%?

4. What is a person's tax on property valued at $10000 assessed at valuation when the rate of taxation is 1% and who also pays poll tax for 4 persons at $1.50 each?

5. A tax of $36 is paid on property assessed at a rate of 3%. What is the assessed valuation?

6. A tax of $50 is paid on property assessed at 1%. What is the value of the property, the assessed valuation being at tion?

valua

WRITTEN PROBLEMS

F

1. A paid tax on $49200 at the rate of $.008 on the dollar, and paid 2 polls at $1.75 each. What amount of tax did he pay? 2. How much must I pay on property worth $9840, assessed for its value at $.011 on the dollar, and three polls at $2.10 each?

3. A village containing 220 taxable persons whose property was valued at $418500, was assessed for the purpose of building a school house, at $.013 on the dollar and $1.80 each for polls. What was the cost of the school house?

4. A tax of $.010₫ on the dollar and $1.35 for polls was assessed in Warren county for the purpose of building a court house. The value of property was $987430, and the number of taxable persons 1342. Allowing 21% for collecting, what amount was paid for the court house?

5. What amount of tax is paid on $43500 worth of property assessed for its value at $.0124 on the dollar, and 34 polls at $1.20 each?

6. For the purpose of paving a street the property owners on the street were assessed on $214700 worth of property at $.0091 on the dollar, and $.85 each on 94 polls. The charges for collecting were 41%. What did the pavement cost?

7. A town assesses a tax of $.012 on the dollar, and $1.18 each on 115 polls. The personal property worth $86280 is assessed for its value, and real estate $65296 for its value. What was the amount of tax?

In practical tax computations a Tax Table is prepared by the use of which the labor of finding the tax is greatly reduced.

8. The assessed value of the property in a school district is $220488, and a tax of $1625 is voted. Construct a

19348

5

.07370.08107.08844.09581.10318.11055.11792.12529.13266.14003 .14740.15477.16214.16951.17688.18425.19162.19899.20636.21373

.22110.22847.23584.24321.25058.25795.26532.27269.28006.28743

.29480.30217.30954.31691.32428.33165.33902.34639.35376.36113

.36850.37587.38324.39061.39798.40535.41272.42009.42746.43483 .44220.44957.45694.46431.47168.47905.48642.49379.50116.50853

.51590.52327.53064.53801.54538.55275.56012 .56749.57486.58223

.58960.59697.60434.61171.61908.62645.63382.64119.64856.65593

|.66330|.67067.67804 68541.69278.70015|.70752.71489|.72226|.72963| From the table find the tax on A's property which is assessed $1380.

SOLUTION

Tax on $1300
Tax on 80 =
Tax on $1380 =

EXPLANATION.-Look in the table opposite 1 in the left hand column and = $9.581 under 3 in fifth column and we find the .589 tax on $13 is .09581. Removing the decimal point two places to the right $10.17 which is equivalent to multiplying by 100 and we have the tax on $1300 $9.581. Then looking opposite 8 and under 0 and we find the tax on $80 to be .589. Adding these together we have the total tax.

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9. According to the table what will be the amount of A. C. Dore's tax if his property is assessed $24365 and he pays for 3 polls at $1.80 each?

10. After May 1 a penalty of 1% per month is added to all unpaid taxes. S. D. Johnson's property is assessed at $42630 and he pays for 2 polls at $1.50 each. If he pays his tax August 3, what amount must he pay?

11. The amount of money to be raised by taxes in Ottawa is $212093.20. The taxable property is $11522400, and there are 3350 polls, each at $1.40. Find the rate of taxation. If the assessment is made on a valuation, what would be the rate?

CUSTOMS OR DUTIES

433. Customs or Duties are taxes levied on imported goods for the support of the general government, and the protection of home industries.

434. Ad Valorem Duty is a tax of a certain per cent. on the cost of the goods in the country from which they were imported. 435. Specific Duty is a tax levied on goods without regard to value but estimated on weight or measure.

In some cases duties are ad valorem; on some articles they are specific; and some others they are both ad valorem and specific.

436. An Invoice on imported goods is an itemized list of goods shipped and their value in the country of origin.

All invoices on imported merchandise must be made out in the currency of the country of export and must be certified by the United States consul, vice consul or commercial agent in the country from which the goods are exported.

437. Consul Fee is a charge made by the consul but it is not a part of the dutiable value.

438. Tare is an allowance made for the weight of a box, bag, etc., containing the goods.

439. Leakage is an allowance made for waste of liquors in barrels.

440. Breakage is not allowed for loss of liquors in bottles, but shortage occurring before shipment will be considered.

441. Gross Weight is the weight before any deductions are made.

442. Net Weight is the weight after the deductions are made. 443. A Tariff is a list of goods, giving the rate of duty prescribed by law.

444. A Custom House is a government building or office where duties are assessed and collected and all other government business concerning that port is transacted.