All About Taxes

Which of the following would be considered a "good"?

• getting an oil change

• buying video game

• having a haircut

• hiring a tutor

Which of the following would be considered a "service"?

• buying a toy car

• hiring someone to cut your grass

• sledding down hill with your friends

• stretching before exercising

This is an examination of one's finances often conducted by government officials to determine if someone was not being honest with reporting their income/paying taxes.

• exemption

• audit

• withholding

• investment

The more income a person earns, the __________ taxes are taken from their wages.

• same amount

• less

• more

The amount of money an employee earns BEFORE taxes are taken out is known as your . . .

• take-away pay

• gross pay

• venmo pay

• net pay

The actual "take home" pay amount an employee receives AFTER taxes are taken out is your . . .

• take-away pay

• gross pay

• venmo pay

• net pay

Taxes are a fairly new concept and have only been around for the past few hundred years.

• true

• false

If a person pays too much in taxes, they don’t get any of it back from the government.

• true

• false

Some individuals can be charged with tax evasion ONLY if they choose not to file a tax return.

• true

• false

It is possible that failure to pay income taxes may lead to that person serving jail time.

• true

• false