Taxes, Income, and Balanced Budget

When Jay received his paycheck, he noticed his employer withheld money for taxes that is used for Social Security and Medicare. Which tax was deducted from his paycheck?

• Payroll Tax

• Property Tax

• Income Tax

• Sales Tax

The table below shows Phyllis' income and expenses for the month. Her expenses exceed her income. In order to have a balanced budget, how much more money does Phyllis need to earn this week?

• $45

• $35

• $55

• $65

Chelsea's net income for the month is $3,560. Her monthly expenses are shown in the chart. In order for her budget to be balanced, how much can go in the Remaining Expenses category?

• $1,720

• $1,630

• $1,590

• $930

Rodrigo's net income for the month is $3,281. The table below shows his July Budget. What amount should be in the Savings category for his July budget to be balanced?

• $651

• $661

• $561

• $361

Which statement about gross income and net income is true?

• Net income is money the worker earned. Gross income is money the worker receives after taxes and deductions have been taken out.

• Gross income is money the worker earned. Net income is money they worker receives after taxes and deductions have been taken out.

• Gross income is money the worker earned. Net income is the money the workers pays in sales and property tax.

Look at Marsha's pay stub from her job.

Which amount is Marsha's gross income?

• $207

• $2,412

• $2,205

Calhoun County charges Mrs. O'Donnell a yearly tax on the land and home she owns. Which kind of tax is this?

• Sales Tax

• Property Tax

• Income Tax

• Payroll Tax

Mrs. Flores went to a retail store to buy some things. Her subtotal was was $86.12, but her final total was $90.44. Why did Mrs. Flores's total go up?

• Income Tax

• Sales Tax

• Budget Tax

• Property Tax

Mario is making his budget for next month. He notices his expenses are greater than his income. Which 2 actions can Mario take to make sure his budget stays balanced? (choose 2)

• Decrease Expenses

• Increase Expenses

• Decrease Income

• Increase Income

Marsha's pay stub for her last paycheck is shown in the model. Which is a true statement about Marsha's income?

• $2,412 is Marsha's Net Income

• $207 is Marsha's Gross Income

• $2,205 is Marsha's Gross Income

• $2,205 is Marsha's Net Income