JA Finance Park: What are Taxes? Overview

Gross income is...

• The amount of money you have from your wages, salary or tips.

• The amount of money you have left after you pay your taxes.

• The amount of money you have from your tax return.

• The amount of money you have from donations.

Net income is...

• The amount of money from a tax refund.

• The amount of money from gifts and donations.

• The amount of money you have before paying your taxes.

• The amount of money you have left after paying your taxes.

The three main sources of tax revenue are... (Select all that apply.)

• pet tax

• income tax

• bag tax

• sales tax

• property tax

Taxes are (a)   , that local, state, and federal governments collect to pay their bills.

Which services are federally supported by taxes? Select all that apply.

• National defense, veterans, and foreign affairs.

• Public schools

• Social Security, Medicare, and other retirement programs.

• Mass transportation

• Social programs

Which services are supported by the state or city? Select all that apply.

• Interest payments on the national debt

• Police, jails, and courts

• Elections

• Social services

• Physical, community, and human development programs

What should be used to pay for the services provided by local, state, and federal governments?

• taxes

• charge for each use of a service

Explain your answer to Question 7.