Taxes 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

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

Sales tax is __________ to the price

• subtracted
• added
• multiplied
• divided

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Tags

CCSS.6.RP.A.3B

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax