Types of Taxes

Which of the following is an example of a person paying property taxes?

• Melissa bought a bicycle. She paid taxes for the bicycle she purchased.

• Javier owns a small cabin on several acres of land. He pays taxes each year for the cabin.

• Jennifer gets paid every other week. She pays taxes based on her earnings.

• An employer withholds money from Christina's monthly wages to pay for Social Security taxes.

Which two are examples of income tax?

• Brian won a cash prize on a popular game show. Brian pays taxes based on the money he earned.

• Lily bought a television for $149.67, including tax.

• Lawrence has two jobs. Each year, Lawrence pays taxes based on all the money he earns.

• Julian's employer withheld $37.58 for Medicare taxes.

A definition of a financial term is shown in the box. Which term best fits this definition?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Match each table to the correct tax.

• Income Tax

• Table B

• Sales Tax

• Table C

• Property Tax

• Table A

• Payroll Tax

• Table D

Marcos went to the mall to purchase clothes for back to school. He purchased four t-shirts and two pairs of blue jeans. He paid taxes on the items he purchased. What type of taxes did Marcos pay?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Which three are examples of property tax?

• Nelson purchased a building that he plans to turn into a restaurant. He will pay taxes for the building each year.

• Martin bought a rug to place in the living room of his home.

• Thomas purchased a home in the city. This year he will pay $2,000 in taxes.

• Veronica owns a small ranch and will pay taxes on the ranch.

Which of the following is an example of a person paying income tax?

• Beatriz owns a house in Dallas, Texas. She pays taxes every year based on the value of the house.

• Fernando bought a new cell phone. He paid taxes for the cell phone he purchased.

• Gabriela works as an engineer. Each year Gabriela pays taxes on all her earnings.

• Mr. Jones purchased school supplies for his students. He paid taxes for the items he purchased.

Match the example to the correct type of tax.

• Property Tax

• Luis earns about $65,000 each year from selling items online. He pays taxes on the money he makes from online sales.

• Payroll Tax

• Angie went to a retail store to purchase a birthday gift for her sister. She paid taxes on the gift she purchased.

• Income Tax

• An employer withholds a portion of Stephanie's weekly wages to pay for Medicare.

• Sales Tax

• Eva purchased 20 acres of land in the country. She pays taxes each year for the 20 acres of land.

Which term best fits this definition?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Which two are examples of sales tax?

• Eden paid a total of $365.54 for a laptop, including taxes.

• An employee has a yearly income of $75,000. Each year he pays taxes on his annual income.

• Matt purchased land to build a house, he will pay $8,000 in taxes.

• Cynthia paid $3.40 in taxes for a purse she purchased.