Math Vocabulary Test 17

Money paid to federal and/or state governments based on an individual's income as required by law is called?

• net income

• income tax

• sale tax

• property tax

The amount of money collected by a store (retailer), in addition to a good or service that was purchased is called?

• sales tax

• property tax

• gross income

• income tax

The amount of money that a company withholds from its employees for the federal government as required by law is called?

• property tax

• gross income

• payroll tax

• sales tax

The income that remains after taxes and other deductions are taken from an individual's gross income is called?

• sales tax

• property tax

• gross income

• net income

The amount of money collected on the value of property for the local government as required by law is called?

• property tax

• sales tax

• net income

• gross income

The total amount of personal income prior to (before) taxes and deductions is called?

• net income

• gross income

• sales tax

• property tax

Collin buys sports equipment for $250. Which of the following taxes could he have paid on the purchase?

• income tax

• payroll tax

• sales tax

• property tax

Which statement about property tax is true?

• Property tax is subtracted from the price of the item.

• Property tax can be charged on a piece of land.

• Property tax is a payroll tax that is withheld by an individual's employer.

• Property taxes are paid to the federal government.

Which statement about sales tax is NOT true?

• You can find the amount of sales tax in a sales tax table.

• You need to know the price of the item to determine the sales tax.

• The sales tax is based on the value of the item.

• The sales tax is the same as income tax.

What part of the payroll check is the letter A pointing to?

• Gross Income

• Payroll Tax

• Net Income