Income and Income Taxes

Front

What is a portion of one's personal income paid to a government?

Back

Income Tax

Front

If your gross pay is $525.50 and your net pay is $446.75, how much money was deducted from your paycheck?

Back

$78.75

Front

What is a deduction?

Back

Money taken out of your income.

Front

What are required payments to a government called?

Back

Taxes

Front

If you make $10.75 an hour and worked 13 hours the first week and 17 hours the second week, how much money did you make in the two weeks?

Back

$322.50

Front

What is gross income?

Back

The total income earned before any deductions.

Front

What is net income?

Back

The income remaining after all deductions have been taken out.

Front

What is the purpose of income tax?

Back

To fund government services and programs.

Front

What is a fixed cost?

Back

A cost that does not change regardless of the level of goods or services produced.

Front

What is a variable cost?

Back

A cost that varies with the level of output.