What is income tax?
Lab 21: Income Tax

Flashcard
•
Mathematics
•
7th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Income tax is a tax imposed by the government on individuals' earnings, calculated as a percentage of their income.
2.
FLASHCARD QUESTION
Front
How do you calculate income tax?
Back
To calculate income tax, multiply the annual income by the tax rate (as a decimal). For example, if the income is $40,000 and the tax rate is 20%, the tax is $40,000 x 0.20 = $8,000.
3.
FLASHCARD QUESTION
Front
If Vickie makes $40,000 and pays 20% in income tax, how much tax does she pay?
Back
$8,000
4.
FLASHCARD QUESTION
Front
What is the formula to calculate sales tax?
Back
Sales tax = Price of the item x Sales tax rate (as a decimal).
5.
FLASHCARD QUESTION
Front
If the price of a laptop is $899 and the sales tax rate is 7%, what is the sales tax?
Back
$62.93
6.
FLASHCARD QUESTION
Front
What does it mean when sales tax is added to the price?
Back
It means that the total cost of the item will be the original price plus the calculated sales tax.
7.
FLASHCARD QUESTION
Front
What is a tax rate?
Back
A tax rate is the percentage at which an individual or corporation is taxed on their income or sales.
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