EXAMPLES.

1. The town of Chester is to raise $3971 by taxes; the taxable property of the town is $700000; there are 471 polls, each taxed $1. What will be the tax on $1, and what is the tax on $ 3500, with 1 poll tax? Ans. $.005; $18.50.

2. The valuation of a certain city is $ 24000000; the amount of the state, county, and city taxes is $ 336000; of this is to be assessed upon the polls, of which there are 38400; what is the poll tax and the rate of property tax? Ans. Poll tax, $ 1.25; Rate, $.012.

3. A tax of $13590 is to be assessed upon a certain town; the property is valued at $ 1500000; there are 3120 polls to be taxed 75 cents each; find the tax on $ 1. Ans. 7 mills, tax on $ 1.

NOTE.-Assessors commonly construct a table, showing the tax on $1, $2, $3, etc., from which they compute the individual taxes. From the above example we should have the following

TABLE,

Showing the tax on various sums at the rate of 71⁄2 mills on $ 1.

ILL. EX. At the above rate, what is the tax of A, who

is assessed on $ 8276, and who pays 2 poll taxes of $.75 each? NOTE. Find by the table the tax on $ 8000, $ 200, $ 70, and $ 6.

Ans. $62.07.

Find the tax of the following persons at the above rate :

4. Of B, who is assessed for $1525 and 1 poll. 5. Of C, who is assessed for $ 7250 and 1 poll. 6. Of D, who is assessed for $ 863 and 2 polls. 7. Of E, who is assessed for $ 796 and 3 polls.

NATIONAL TAXES.

428. The expenses of the national government are met in part by taxes on profits from business, incomes, etc., and by a special tax on certain occupations, articles manufactured, or articles kept for use, as carriages, gold watches exceeding a certain valuation, on billiard-tables, gold plate, silver plate exceeding 40 oz. Troy, etc.

The money derived from taxes on profits, incomes, occupations, etc., is called internal revenue.

ILL. EX. The income of A. J. Ames for the year 1868 was $5940; take out of this sum the following items: $1000 exempted by law, $450 paid for rent, $175 for insurance, $1200 for clerk, $ 257 for repairs, $96.40 for town and county taxes; and reckon 5% on the balance. Add to this percentage, $ 2 tax on a gold watch, $2 on a carriage, also a tax of 5 cents per oz. on 28 oz. of silver (it being his excess of 40 oz.), and find the amount of Ames's income tax.

Exempt, $1000; Rent, $ 450; Insurance, $175;

Deductions. Clerk, $1200; Repairs, $ 257; Taxes, $ 96.40; 3178.40

Income Tax, (5% of $ 2761.60)

Taxable income, $ 2761.60

Special tax :- Watch $2, Carriage $ 2, Silver plate $ 1.40

Amount of tax,

EXAMPLE.

138.08

5.40

Ans. $143.48

1. Find T. Hill's national tax for the year 1869, his income consisting of a salary of $ 4000, and proceeds of published works $ 1468.40, at 5% on all except the following deductions: $1000 exempted by law, $800 paid for rent, and $ 225.76 for taxes. Add to this percentage the special tax of 5 cents per oz. on 150 oz. silver plate, $2 each on two carriages, and $ 2 on a gold watch.

Ans. $185.63.

DUTIES OR CUSTOMS.

429. The expenses of the national government are met in part by a tax on imported goods and upon vessels.

The tax is laid upon a vessel according to the weight she is estimated to carry, which is called the vessel's tonnage. The taxes upon imported goods and upon the tonnage of vessels are called duties or customs.

430. Duties are collected where goods are brought into the country; such places are called ports of entry.

431. At the ports of entry are one or more persons who collect the duties. These persons are called customhouse officers.

NOTE. - A list of imported goods showing the quantity, also the price and where purchased, is an invoice.

432. When a uniform tax is laid upon each imported article of a certain kind, the tax is called a specific duty.

433. When a tax of a certain per cent is laid upon the invoice price of goods, the tax is an ad valorem duty.

NOTE I. — The weight of goods, including whatever is used for packing, is called gross weight.

NOTE II. — The weight of the goods alone is called net weight. NOTE III. - An allowance for a loss from the leaking and breaking of bottles, boxes, etc., is called leakage or breakage.

NOTE IV. - An allowance for the weight of boxes, etc., is called tare.

434. EXAMPLES.

1. What is the duty, at 2 cents per pound, on 8 boxes of sugar, averaging 275 pounds, tare being 5%?

(275 lb. X 8) 110 lb. 2090 lb. net weight.

$.02 X 2090 = $41.80 duty.

Ans. $41.80.

2. What is the duty, at 5 cents per pound, on 450 boxes of raisins weighing 25 lbs. each, tare being 8%? Ans. $517.50.

3. What is the duty, at 8 cents per gallon, on 70 hogsheads of molasses, 63 gal. each, deducting 2% for leakage? 4. What is the duty, at 24% ad valorem, on 200 doz. bottles of porter invoiced at $1.40 per doz., the breakage being estimated at 3% ? Ans. $65.184.

5. What is the duty, at 40% ad valorem, on 50 lbs. sewing silk, invoiced at $10 a pound?

For Dictation Exercises on these examples, see Key.

435. TOPICAL REVIEW IN PERCENTAGE.

The pupil may present the following topics to his class, using common illustrations, giving definitions, and deriving rules from illustrative examples, which he will solve before the class.

1. Percentage, basis, rate per cent, manner of expressing per cent. (Arts. 379-383.)

2. Manner of finding percentage. (Art. 384) Amount and remainder. (Art. 385.)

3. Manner of finding the basis. (Arts. 386, 387.)

4. Manner of finding the rate per cent. (Art. 388.)

5. Profit and loss. (Arts. 389, 390.)

6. Commission. (Arts. 398-400.)

7. Stocks, Dividends, and Brokerage. (Arts. 403-410.) 8. Insurance. (Arts. 412-419.)

9. Taxes. (Arts. 421 - 427.)

10. National Taxes. (Art. 428.)

11. Duties and Customs.

(Arts. 429-434.)

436. GENERAL REVIEW, No. 6.

1. What is the premium on an insurance policy of $12600 at 1% ?

2. What is the duty on 400 bags of coffee, 120 lbs. each, Ans. $1,629.60.

at 3 cents per lb., tare being 3%?

3. What is 10% of 40% of 70% of $250 ?

Ans. $7.

4. How much United States money at 12% discount will pay a bill of $968 in Canada? Ans. $1,100.

5. Bought a span of horses at $180 each; I sold one for 5% less than cost, and the other for 25% more than cost; what did I gain by the whole transaction? Ans. $36.

6. Paid duties $ 325 in gold, gold being at a premium of 40%; what were the duties in current money? Ans. $455.

7. I have marked goods which cost 25 cents a yard, 40% above cost; at what price are they marked?

8. I sold the above at a discount of 10% on the marked price, what per cent on the cost did I make? Ans. 26%.

9. A man whose property was valued at $2450, and who paid a poll tax of $ 1, was taxed $20.60; what was the tax upon $1? Ans. $.008.

10. When gold is at a premium of 30%, how much gold will equal $520 of current money ? Ans. $400.

11. How many $100 shares of stock at 50% below par, must be paid for 10 at 25% above par? Ans. 25 shares.

12. Find the net proceeds of the following account of SALES OF 42 BARRELS OF BEEF ON ACCOUNT OF H. M. BALL.

1869.

To whom sold.

Description.

Price.

Stone & Sons 12 bar. Prime Beef $15.00

Nov. 1

66 2

Perform the above examples substituting 3 for 2 in each example.

For other Dictation Exercises on this Review, see Key.