Methods of Payment/Types of Taxes/Gross VS Net

Front

What is payroll tax?

Back

A tax that is taken out of an employee's paycheck to fund government programs like Social Security and Medicare.

Front

What is sales tax?

Back

A tax added to the price of goods and services at the time of purchase.

Front

What is property tax?

Back

A tax based on the value of property, such as land, buildings, or homes.

Front

What is a credit card?

Back

A card that allows you to borrow money from a bank to make purchases, which you must pay back later.

Front

What is a debit card?

Back

A card that allows you to spend money directly from your bank account.

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total amount earned before any deductions, while net pay is the amount received after deductions like taxes.

Front

What is an example of a disadvantage of using a credit card?

Back

It is easy to spend more money than you currently have.

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting taxes and other deductions from gross pay.

Front

What is income tax?

Back

A tax on the money you earn from working.

Front

What is an example of a situation where you might use a credit card?

Back

In an emergency, such as needing to pay for car repairs when you don't have enough cash.