Taxes for life

Taxes

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• Sales Tax - a tax on things bought/services a person purchases.

• Property Tax - a tax on the value of a home, land or other item someone owns.

• Income Tax - a tax on the money a person makes.

Multiple Choice

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true

• false

Multiple Choice

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Multiple Choice

Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Multiple Choice

Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

GROSS V. NET PAY

• Gross Pay - Before taxes taken

• Net Pay - After taxes taken out

Multiple Choice

IRS stands for

• Internal Revenge Service

• International Revenue System

• Internal Revenue Service

• Inspection Ravioli Sauce

Multiple Choice

Also known as take home pay. The amount that is deposited in your bank account. This is post tax.

• gross pay

• withholdings

• net pay

• real pay

Multiple Choice

Total amount paid to an employee each pay period. Pre-tax.

• net pay

• gross pay

• payroll deductions

• none of these

Multiple Choice

These taxes come out of a person's paycheck and is meant to help people once they retire.

• Sales Tax

• Social Security Tax