Find the tax on a dinette with a cash price of $200 that has been reduced by 20% if the tax rate is 6.5%
The taxable value of the property in the tax area is usually referred to as the ? value.
1. taxable
2. assessed
Please help me with these. after these i will be done with my assinment. Thanks Much.
(A) 6.5% x (0.80)x($200) = $10.40
(B) assessed
To find the tax on a dinette with a cash price of $200 that has been reduced by 20%, you need to follow these steps:
Step 1: Calculate the reduced price
To find the reduced price of the dinette, subtract 20% of $200 from $200:
Reduced price = $200 - (20% * $200)
= $200 - (0.2 * $200)
= $200 - $40
= $160
Step 2: Calculate the tax amount
To find the tax amount, multiply the reduced price by the tax rate:
Tax amount = $160 * 6.5%
= $160 * 0.065
= $10.40
Therefore, the tax on the dinette would be $10.40.
Regarding the second question, in the context of property taxes, the taxable value of the property in the tax area is usually referred to as the assessed value. So the correct answer is "2. assessed."