Taxes

Taxes

Welcome back from Spring Break!

Types of Taxes

• Income Taxes: Federal and state taxes on the income you earn

• Property Taxes: Taxes you pay on homes, land, or commercial real estate

• Payroll Taxes: Include FICA and unemployment deductions

• Sales Tax: Tax paid to a governing body on the sale of goods and services

Multiple Choice

Roads, police, schools, governmental agencies, fire and emergency services are funded by taxes.

• True

• False

Multiple Choice

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

• Payroll tax

• Sales tax

• Property tax

• Income tax

Multiple Choice

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Fill in the Blank

Curtis purchased a new pair of jeans for $25. When Curtis pays for his jeans, the total is almost $30 because of the _______ tax.

Gross vs Net Pay

• Gross Pay - before taxes or an deductions are taken out

• Net Pay - The amount you deposit into your banking account. This is the amount after taxes and deductions have been taken out.

Multiple Choice

IRS stands for:

• Internal Revenge Service

• Internal Revenue Service

• International Revenue System

• Italian Ravioli Sauce

Multiple Choice

Also known as your take home pay.

• Salary

• Gross pay

• Net pay

• Withholdings

Multiple Choice

These taxes come out of a person's paycheck and is meant to help people once they retire.

• 401k

• Social security tax

• Unemployment taxes

• Payroll deductions

Multiple Choice

This tax form is received when you start a new job. It determines how much money gets taken out of each paycheck.

• W-4

• W-2

• 1099

• 1040

Multiple Choice

This is a form you fill out by April 15th to determine how much you either owe or will be refunded in taxes for the previous year.

• W-4

• W-2

• 1099

• 1040