Financial Literacy Taxes

Front

What is Property Tax?

Back

A tax based on the value of real estate, such as a house, building, or land.

Front

What is Payroll Tax?

Back

A tax that is deducted from an employee's paycheck for social security and Medicare.

Front

What does Balanced Budget mean?

Back

A situation where a person's expenses and income are equal, meaning no deficit or surplus.

Tags

CCSS.RI.3.10

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

Front

What type of tax does a business owner pay on their property?

Back

Property Tax.

Front

What are the two main types of taxes deducted from a paycheck?

Back

Payroll Tax and Income Tax.

Front

What is Income Tax?

Back

A tax on the income earned by individuals or businesses.

Front

What is Sales Tax?

Back

A tax added to the price of goods and services at the point of sale.

Tags

CCSS.6.RP.A.3D

Front

What is the purpose of taxes?

Back

To fund government services and programs, such as education, healthcare, and infrastructure.

Front

What is a Tax Deduction?

Back

An expense that can be subtracted from total income to reduce the amount of taxable income.

Front

What is a Tax Credit?

Back

An amount that taxpayers can subtract directly from the taxes they owe.