Financial Literacy

What type of tax is paid by an employer on behalf on an employee?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

Net Income is

• your personal income goal that you would like to earn in one year

• the amount of money an employee earns after taxes and deductions are taken from their paycheck

• the amount of money an employee earns before taxes and deductions are taken from their paycheck

• always larger than Gross Income

What type of tax is shown on this Bookstore Receipt?

• Sales Tax

• Payroll Tax

• Income Tax

• Property Tax

The tax based on the real property value of land and structures is called

• Income Tax

• Payroll Tax

• Property Tax

• Sales Tax

What type of tax is based on the cost of items purchased?

• Sales Tax

• Payroll Tax

• Income Tax

• Property Tax

Gross Income

• the amount of money an employee earns before taxes and deductions are taken from their paycheck

• is always smaller than Net Income

• the amount of money than an employee earns after taxes and deductions are taken from their paycheck

• income that makes you feel gross because you are getting less than you deserve

What tax is usually paid by Americans before April 15th every year?

• Sales Tax

• Income Tax

• Payroll Tax

• Property Tax

According to this graphic, most local property taxes go towards paying for what?

• Schools

• Fire Departments

• Parks

• City Improvement Projects

What type of tax usually lists a subtotal of deductions taken for Medicare and Social Security?

• Property Tax

• Income Tax

• Payroll Tax

• Sales Tax

Money paid to the government based on the amount of money you earned throughout the year is

• Sales Tax

• Property Tax

• Income Tax

• Payroll Tax