Taxes lesson and Quiz

Taxes

What kind of taxes are there?

• 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

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

Taxes in Texas

What is the tax percentage in Texas?
The Tax percentage in Texas is 6.25% 

Why does filing taxes matter? 
Filing taxes matters because it allowed for better financial wellness and to be more organized . Furthermore it also allows for you not to lose out on some money.

How do taxes improve Texas? 
Texas allows for individuals to not have to pay income tax allowing the American people to keep more of what they earned

Multiple Choice

The Tax percentage in Texas is ____

• 10%

• 5%

• 6.25%

• 6.45%

Fill in the Blanks

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.

• What does IRS Stand for: Internal Revenue Service

Multiple Choice

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

• True

• False

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

The End

​Thank you!