16-1 Taxes/Vocab

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What is Sales Tax?

Back

A tax you pay when you purchase a good or service.

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What is Tax?

Back

Money taken by the government to help keep the country running.

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What is Property Tax?

Back

Taxes you pay when you own a home or land.

Front

How do you calculate the total cost with sales tax?

Back

Total Cost = Price + (Sales Tax Rate × Price). For example, if the price is $19 and the sales tax is 8%, the total cost is $19 + (0.08 × $19) = $20.52.

Front

If an item costs $90, what is the total cost with 8% sales tax?

Back

Total Cost = $90 + (0.08 × $90) = $97.20.

Front

What is Income Tax?

Back

A tax on the money you earn from working.

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What is Payroll Tax?

Back

A tax that employers withhold from employees' wages to fund social security and Medicare.

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What is the purpose of taxes?

Back

To fund government services and infrastructure.

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What is a tax rate?

Back

The percentage at which an individual or corporation is taxed.

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What is a tax return?

Back

A form filed with the government to report income, expenses, and other tax information.