SOSS Economic World - Income & Tax

Which of the below of the best definition for MINIMUM WAGE

• The minimum amount an employer can pay someone over 16 per hour

• The maximum amount an employer can pay someone

• An amount you pay a worker for only doing minimal work

GST = ​ (a)   and​ (b)   ​ tax

• Goods
• Services

What is the name of the tax that is taken directly off your income and paid to the government?

• GST tax

• Income tax

• Wages tax

• Salary tax

The current minimum wage per hour is?

• $21.75

• $22.50

• $23.15

• $25.00

What are taxes spent NOT on?

• Roads, bridges, streetlights

• Education and schools

• Hospitals and healthcare

• Sports fields and courts

What does INCOME mean?

• 
  Income is money received, especially on a regular basis for work done, selling a good or through investing it.

• Income is when you have spent all of your money.

Why do we pay taxes?

• So that governments have money to spend on improving infrastructure (roads, schools, hospitals)

• Because people have been paying them for ages

What type of income would a teacher get?

• Wages

• Salary

• Minimum wage

• Superannuation

Choose the two examples of INCOME TYPES below (eg. ways you can earn money)

• Wages (payments for hours worked)

• Salary (annual amount, portion of this paid fortnightly)

• Deficit (not enough money left over)

• Surplus (money left over)

What are the TWO types of tax we have in NZ? (tick 2!)

• GST (goods and services tax)

• Income tax

• Minimum wage

• Superannuation