Math Flashcards
(6 cards)
1
Q
How do you calculate Documentary Stamp Taxes ?
A
Stamp Tax = (Purchase Price ➗ 100) X 0.70
2
Q
Is doc stamp tax a debit or credit and to who ?
A
Debit seller
3
Q
How do You calculate Mills “Intangible Taxes” and when is it used ?
A
$0.002 on New Mortgages
4
Q
How do you calculate Documentary Tax on Promissory Notes.
When are they used?
A
New & Assumed Mortgages ➗ 100) X 0.35
5
Q
What are Mills?
A
Another word for intangible taxes.
6
Q
Wha page are property taxes on and who is debited and credited?
A
Page Debit seller & credit buyer
