Lab 21: Income Tax

Lab 21: Income Tax

Assessment

Flashcard

Mathematics

7th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

What is income tax?

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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