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I. &. Mr. Smith has adjusted gross income of $26,000 and taxable income of $15,200. What is Mr. Smith’s marginal t(L'(rate (to the nearest tenth of a percent)?

a. 7.9%
b. 13.5%
(5) 23.0%
d. 30.0%

z ~. The average tax rate Mr. Smith pays equals (to the nearest tenth of a percent)

a. 7.9%
b. 13.5%
c. 23.0%
d. 30.0%

3. S. The average effective tax rate Mr. Smith pays equals (to the nearest tenth of a percent)

a. 7.9%
b. 8.2%
c. 13.5%
d. 23.0%

Lj. 1. An additional personal deduction of$200 would reduce Mr. Smith’s tax liability by

a. 200
b. 40
c. 46
d. 16

-6 ~. A tax credit of$100 would reduce Mr. Smith’s tax liability by

a. 100
b. 30
c. 23
d. 8

(p. J’4. What is the value of X in the tax table?

a. 5705
b. 5811
c. 5917
d. None of the above or cannot be calculated.

/~. Indexation of individual income taxes is designed to prevent

a. bracket creep.
b. the Laffer affect.
c. horizontal inequities.
d. regressivity.

~ ~. Tax credits, exemption, and exclusions all can be used by governments to reduce taxes.
Consider a credit of $5,000, an exemption of $5,000, and an exclusion of $5,OOO-all to be
added to the existing federal individual income tax. Which of the following statements is
correct?

a. The revenue lost by the U.S. Treasury would be greatest for the exclusion, because
such a provision removes transactions which would appear to be income from the tax
base.

b. The personal exemption would save the individual taxpayer the most money because
it would have the greatest relative increase over existing exemption levels (currently
somewhat over $2,000).

c. The credit will cause greater revenue loss, because it takes effect after the application
of the rate schedule and directly reduces tax liability.

d. All tax reducing impacts would be the same.
A state applies a 7 percent sales tax to consumer purchases of many items. These are data for a
typical family

Annual Income
Family Size
Purchases of taxed items
$60,000
2
$30,000

Cf.Y What statutory rate does the family pay?

a. 5.0%
b. 3.5%
c. 7.0%
d. Cannot be computed £i•omthis information.

I’D, Jr: What average effective tax rate does the family pay?

a. 5.0%
b. 3.5%
c. 7.0%
d. Cannot be computed from this information

USE THE FOLLOWING INFORMATION TO ANSWER THE FOLLOWING FOUR QUESTIONS.

Assume that the production chain for an economy is characterized by the following transactions:
Business Purchases Sales

Mine $ 0 $ 200
Steel Mill $ 200 $1,000
Car Makei- $1,000 $5,000
Car Dealer $5,000 $11,000

Assume further that the only transaction where a non-business is involved is in the sales of cars
from car dealers to individuals.

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Related Services

I} .• If the mine is subject to a 10 percent value-added tax (VAT), how much would it pay in
taxes?

a. $400
b. $20
c. $0
d. $380

/2- A. If the car dealer is subject to a 10 percent retail sales tax (RST), how much would it pay
in taxes?

a. $ 500
b. $1,100
c. $0
d. $600

/ -2, .”.. If the car dealer is subject to a 10 percent VAT, how much would it pay in taxes?

a. $500
b. $1,100
c. $0
d. $600

‘t .•.. How much more revenue does a 10 percent VAT collect as compared to a 10 percent
RST?

a. $500
. b. $1,100
c. $0
d. $600

N. 8: Two cities are identical in all respects except City A has an assessment ratio of 100%
and City B has an assessment ratio of25%. Both cities need to raise $1,000,000 in
property tax revenues. The statutory tax rates on property are

a. higher in City A than City B.
b. higher in City B than City A.
c. identical in both cities.
d. dependent on non-property tax revenues in each.

1/::>•. A residence in Sullivan County has gross assessed value of$15,000. Its owner
qualifies for an old age exemption of$l,OOO and a homestead exemption of $2,000. The
property tax rate is $5.00 per $100 of assessed value. What will the property tax bill equal
on this property?

a. $750
b. $700
c. $650
d. $600

USE THE FOLLOWING DATA TO ANSWER THE NEXT Two QUESTIONS.

Hicksville has a proposed budget of $7,000,000 for the fiscal year. The city has an assessed
value of $100,000,000 and will receive state aid of $100 per capita based on its 2000 census
population of 15,000. Assessed value equals 25% of market value.

i7 ~ What is the nominal tax rate in Hicksville?

a.. 055
b.. 070
c. .085
d.. 220

\~ !S. What is the effective tax rate in Hicksville?

a. .01375
b.. 01750
c. .05500
d.. 07000

The Mundane County Council has the following information concerning the upcoming
fiscal year’s budget

Planned Expenditure
Sales Tax Revenue
Total Market Value ofPropelty
User Charge Revenue
Income T~'{ Revenue
Miscellaneous Revenue

Assessment Ratio
$ 22,550,000
4,000,000
800,000,000
3,250,000
1,600,000
1,200,000

To balance the budget, the Council will set the property tax rate at

a. $ 32.00/$100 AV
b. $16.00/$100 AV
c. $ 3.20/$100 AV
d. $ 1.60/$100 AV

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