7.13A Calculating Taxes & Earned Wages

Dropdown

The $24 price of the DVD

Select answer

the sales tax before purchase.

Math Response

The sales tax rate is ___ %.

Type answer here

Correct Answer: 8

Deg^°

Rad

Multiple Choice

What is 8% as a decimal?

• 8.0

• .08

• .008

• 80

Dropdown

Compare Dakota's and Shannon's methods for finding the sales tax. Which method gives the correct answer?​

Select answer

Multiple Choice

What mistake did Dakota make in calculating the sales tax?

• Dakota used the wrong percentage.

• Dakota multiplied by 0.8 instead of 0.08.

• Dakota added instead of multiplying.

• Dakota used the wrong price.

Math Response

The correct tax amount is ________.

Type answer here

Correct Answer: 1.92

Deg^°

Rad

Math Response

What is the total cost of the DVD?

Type answer here

Correct Answer: 25.92

Deg^°

Rad

Fill in the Blank

Write 6% as a decimal. ________ .

.

Multiple Choice

What is the total cost of the refrigerator, including sales tax?

• $557.03

• $31.53

• $840.80

• $315.30

Financial Literacy Review

Vocabulary

• Earned Wages: The income you make from an employer

• Gross Wages: ALL of the income you make before taxes and other deductions

• Payroll Deductions: Items taken away from your gross wages. Insurance, Social Security Tax, Medicare Tax, etc.

• Pay Period: How often you are paid. Example-weekly, biweekly, semi-monthly, monthly

• Withholding Allowance: A portion that is excluded from taxable wages based on claiming yourself and dependents you support

Vocabulary continued

• Taxable Wages: Wages that are left once the withholding allowance is calculated. b

• Social Security Tax: A government based retirement system set up by President Roosevelt in 1935

• Medicare Tax: A government based medical insurance system set up by President Johnson in 1965

• FICA: Federal Insurance Contributions Act which requires all employers to pay social security tax and Medicare tax

• Federal Income Tax: Collected by the US government to fund the business of the government

Dropdown

The price of a sweatshirt is $26.25 with a sales tax rate of 4%. What is the amount of tax to be paid for this item?​

Select answer

​ What is the total cost of the sweatshirt?​ ​

Select answer

Multiple Choice

How much tax would you pay on a new TV that is $899 at Best Buy, if the tax rate is 6.5%?

• $957.44
• $841
• $58.44

Multiple Choice

Mrs. Lindenberger is buying some groceries.  They total to $35.50.  Sales tax is 4.5%.  When she goes to pay, how much will she pay?

• $1.60
• $37.10
• $40.00
• $2.50

Multiple Choice

A pair of boots are $94.99.  They are 25% off. With this discount, what is the sale price?

• $71.24
• $118.74
• 23.7475
• $23.75

Multiple Choice

How much tip should you leave if you want to tip 23% at Applebee's on a $27.31 bill?

• $6.28
• $33.59
• $21.03

Multiple Choice

Sales tax is __________ to the price

• subtracted
• added
• multiplied
• divided

Multiple Choice

Discount is ____________ from the price.

• added
• divided
• subtracted
• Mr. Ed is very old

Multiple Choice

Regular price: $174. Discount: 40%. Find the sale price. Round to nearest cent if necessary.

• $104.40
• $140.40
• 104.4
• 69.6

Multiple Choice

Dinner is $23.77 and you leave a 10% tip. Find the total cost.

• $ 2.38

• $ 2.37

• $ 26.15

• $ 21.39

Multiple Choice

Sam plans to buy a new Xbox Series X. The price is $499. Sales tax in his state is 9%. What is the sales tax in dollars and cents that Sam will have to pay?

• $50

• $499

• $44.91

• $543.91

Multiple Choice

You make $ 10.75 an hour. You worked 13 hours the first week and 17 hours the second week. How much money did you make in the two weeks?

• $ 40,75

• $ 322.50

• $ 221.00

Multiple Choice

You make $9.00 an hour at your part-time job. You work 20 hours a week and your income tax rate is 20%. How much will be taken out of your paycheck each week?

• $36.00

• $144.00

• $9.00

Multiple Choice

Money received on a regular basis for work or through investments

• Values

• Taxes

• Income

• Fixed Cost

Multiple Choice

Money withheld from an employee’s wages or salary

• disposable income

• payroll taxes

• workers compensation

• earned income

Multiple Choice

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Multiple Choice

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

• $39

• $67

• $91

• $96

Multiple Choice

Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

• $132.50

• $417.50

• $440.00

• $638.50