1. Chapter 11: Taxes
Definitions, examples, etc. taken from Contemporary Business Mathematics for Colleges, 14th Edition by Deitz & Southam, Thomson Southwestern Publisher.

2. Key Terms / Items
Sales Tax: a government levy on retail sales of certain goods and services. Rates vary depending upon county and state.
Excise Tax: a tax assessed on each unit. Examples include gasoline, cigarettes, and alcoholic beverages. Rates vary and include both federal and state assessments.

3. Key Terms / Items (continued)
Property Tax: a tax on real estate or other property, such as machinery owned by a business.
Based upon assessed value.
Assessed value: ordinarily based on the current market value of the property.
To calculate tax rate in percent: divide the amount of the money the government units needs to raise by the total assessed valuation of the particular unit.

4. Key Terms / Items (continued)
Mill: a tenth of a cent or $ To convert mills to dollars, divide by 1,000. To convert cents to mills, multiply by 10. See formulas on page 206.
Form 1040 – form filed by individuals for federal income tax purposes. Example provided by