Financial Literacy

The total tax an employer withholds to pay to the government.

• Property Tax
• Sales Tax
• Income Tax
• Payroll Tax

Leon earns $15 per hour. He worked 40 hours last week and earned $600. He received a paycheck of $475. What type of tax did he pay?

• Payroll Tax
• Income tax
• Sales tax
• Property tax

Tags

CCSS.L.6.6

CCSS.RI.4.4

CCSS.RI.5.4

CCSS.W.4.2D

CCSS.W.5.2D

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

• Net income
• Gross income
• Payroll income
• None of the above

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

Tags

CCSS.L.2.4E

CCSS.L.3.4D

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

Braden receives $50 for raking leaves. Christina's mom gives her $10 to go to a movie. Emma finds $5 on the table in the library. Hudson's friend gives him $15 for his birthday. Which person has earned income?

• Hudson
• Emma
• Braden
• Christina

Mrs. Cave pays a tax every year because she owns a house. Which term best describes this tax?

• Income Tax
• Payroll Tax
• Sales Tax
• Property Tax

Which of these statements about gross income and net income is true?

• Gross income is a tax on all income that a worker earns, and net income is a tax paid by an employer based on a worker's wages.
• Gross income is a tax paid by an employer based on a worker's wages, and net income is a tax on all income that a person earns.
• Gross income is the total amount an employee is paid after taxes and deductions, and net income is the amount total amount an employee earns before taxes and deductions.
• Gross income is the total amount an employee earns before deductions and taxes, and net income is the amount an employee is paid after taxes and deductions.

Mrs. Andrews gets a paycheck each month for teaching 5th grade science. The type of tax she pays to the government based on her salary is called _

• Payroll tax
• Property tax
• Sales tax
• Income tax

Sam's dad makes $54,000 every year. This is the amount of money he makes before taxes, insurance and other deductions are taken out. This is called_

• Gross income
• Net income
• Payroll tax
• Income tax

Sally wants to use her credit card to pay for a mountain bike. What is the disadvantage of using the credit card?

• She does not have to carry cash in her purse.
• she could borrow the money for the bike until next month
• she may earn rewards such as free air miles
• she might have to pay interest