Financial Literacy 101

The amount of money a person takes home after taxes and other deductions.

• net income

• gross income

The total amount of income from wages before any payroll deductions.

• property tax

• gross income

What is the total cost of a $70 necklace if the sales tax is 8%?

• $6.20

• $5.60

• $56

• $75.40

Josie's gross wages are $2,200. If her income tax rate is 20%, how much will her employer withold?

• $40

• $2,220

• $440

• $4,000

Jason's salary is $54,000. What is the amount of his net pay after the 25% federal withholding income tax is deducted?

• $13,500

• $40,500

• $67.500

• $15,300

What is the amount of tax you pay on a $65 pair of shoes if the tax rate is 9%

• $5.40

• $74.00

• $70.85

• $5.85

What is the total cost of a $70 necklace if the sales tax is 8%?

• $6.20

• $5.60

• $78

• $75.60

Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?

• $24.90
• $44.30
• $34.85
• Not Here

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CCSS.7.EE.B.3

CCSS.7.RP.A.3

Kathy worked at the library for three months.  She earned $4,500.00 and must pay a total of 15% in taxes, which includes federal withholding, Medicare, and Social Security taxes.  What is her net pay?

• $3,825.00
• $3,875.00
• $4,825.00
• $5,175.00

The cost for Dan's college next year is $20,000. He took out a loan for $6,000 and received a scholarship for $2,500. How much will still be left to pay?

• $11,500

• $12,500

• $11,000

• $16,500