Adulting 5.4 (Taxes Unit)

Roads, police, schools, government agencies, fire and emergency services are funded by taxes.

• True

• False

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

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Curtis purchased a new pair of jeans for $25. When Curtis pays for his jeans, the total is almost $30 because of the _____ tax.

The IRS stands for...

• Internal Revenge Service

• Internal Revenue Service

• International Revenue System

• Italian Ravioli Sauce

This is also known as your take-home pay

• Gross Pay

• Salary

• Net Pay

• Withholdings

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

• 401k

• Social Security Tax

• Unemployment Tax

• Payroll Deductions

This tax form is received when you start a new job & it determines how much money gets taken out of each paycheck.

• W-2

• W-4

• 1099

• 1040

This is a form you fill out by April 15th to determine how much you either owe or will be refunded in taxes for the previous year.

• W-2

• W-4

• 1099

• 1040