Taxes Review

Justin has a job where he makes $500 every two weeks. If he has a phone bill of $335 and wants to buy a new iPhone, using a payment plan, his new monthly payment would be $485. How much money does Justin have left for extra expenses?

• $665

• $515

• $20

• $15

If Sara's expenses are greater than her income. What two actions can Sara take to balance her budget? a) __________ and b) __________

• Decrease her income

• Increase her expenses

• Increase her income

• Decrease her expenses

Which statement is TRUE about GROSS INCOME?

• Gross income is the total amount an employee earns before deductions are applied.

• Gross income is the amount an employee is paid after deductions and taxes.

• Gross income is a tax paid by an employer based on a worker's wages.

• Gross income is a tax on all income that a worker earns.

Which statement is TRUE about NET INCOME?

• Net income is a tax on all income that a person earns.

• Net income is the total amount an employee earns before deductions are applied.

• Net income is a tax paid by an employer based on a worker's wages.

• Net income is the amount an employee is paid after deductions and taxes.

What term best describes the definition below?

"It's a tax that includes social security tax and is paid by an employer."

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax

What type of tax represents the tax that I pay on the house that I own?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax

Suppose you have a company and have three employees that you pay weekly. What type of taxes do you have to pay for them to the federal government?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax

If I put a tax on a retail product based on a set percentage of retail cost, what type of tax is this?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax

It's April 2024 and you have to complete your taxes by the 15th of this month. What type of tax is being referenced?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax

If you were to buy land, what kind of taxes would you have to pay on that property yearly?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• State Tax