16-1 Taxes/Vocab

Front

What is the money earned by working or providing a good or service?

Back

Income

Front

How do you calculate the cost with sales tax? If the sales tax is 8% and the price is $19, what is the total cost?

Back

$20.52

Front

What type of tax do you pay when you own a home or land?

Back

Property Tax

Front

If Kesha's employer deducts 0.2 times her wages in payroll taxes, how much is deducted when she earns $132?

Back

$26.40

Front

How do you find the cost with sales tax? If the sales tax is 7% and the price is $22, what is the total cost?

Back

$23.54

Front

What is a deduction in terms of taxes?

Back

A deduction is an amount that reduces taxable income.

Front

What is a tax?

Back

A tax is a mandatory financial charge imposed by a government.

Front

What is payroll tax?

Back

Payroll tax is a tax imposed on employers and employees, usually calculated as a percentage of salaries.

Front

What is sales tax?

Back

Sales tax is a tax on sales of goods and services, usually calculated as a percentage of the sale price.

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Price x Sales Tax Rate.