Unit 3/4

Which type of tax is withheld from an employee's paycheck by the employer?

• Payroll Tax

• Income Tax

• Sales Tax

• Fanun Tax

_ income is the money earned BEFORE deductions.

Correctly label each part of the strip diagram with the correct term.

a

b

c

Retaxable Income

Deductions

Net Income

Gross Income

A balanced budget is when -

• You are spending more money than you earn.

• You put $1 into savings for every $1 spent.

• Your income equals your expenses.

• Never spend your money.

Which of these scenarios involves an individual paying property tax? Pick 3 correct answers.

• Aidaly is registering her car for the year. When doing so, she pays a $79 fee at her local tax office.

• Mr. Vickery rents his duplex. He pays rent once a month.

• Jacey owns a cotton candy machine and just bought a brand new flavor to make.

• Charlotte owns a flower business and the land around her business.

• Bentley owns a nice house in the mountains. He bought a brand new pool to increase the houses value.

How much are George's deductions?

• $98.64

• $96.84

• $93.49

• $96.48