PFL Study Material

What is property tax

• The tax you pay on the things you buy

• The tax you pay the government to own your property

• The tax you pay when you don't have enough money in you bank account to pay for something so the government pays for it and you pay it back later

• A portion of your money that is paid to the government

What is sales tax

• A tax you pay for purchasing certain goods and services.

• The taxes you have to pay the government for the use of money

• The tax you pay to own property

Income tax is...

• A portion of your income that is paid to the government

• The tax you pay on the things you buy

• A portion of your paycheck that the government pays you for working hard. People who don't work hard don't get paid this tax

Who earns an income?

• anyone who works and isn't underemployed

• everyone who works besides self-employed people

• No one

• everyone in the USA

Gross Monthly Income (GMI)

• The amount you make before deductions monthly

• The amount you make after deductions monthly

• The amount you make after deductions yearly

• The amount you make yearly before deductions

Net Monthly Income (NMI) is...

• The amount you make before deductions monthly

• The amount you make after deductions monthly

• The amount you make after deductions yearly

• The amount you make yearly before deductions

Gross Annual Income (GAI)

• The amount you make before deductions monthly

• The amount you make after deductions monthly

• The amount you make after deductions yearly

• The amount you make yearly before deductions

Net Annual Income (NAI) is...

• The amount you make before deductions monthly

• The amount you make after deductions monthly

• The amount you make after deductions yearly

• The amount you make yearly before deductions

Who pays taxes?

• People who work for the government

• People who won their own business

• People who work and aren't underemployed

• All of the above

• None of the Above

Who pays medicare?

• Individuals

• Employers

• Anyone not under employed

• All of the above

• None of the above