Financial Literacy - 5th Grade

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

Gross income is:

• the total amount of money you earn

• the amount of money you receive after decuctions are subtracted

• the total amount of money you spend

• sales taxes on items you buy

Net income is:

• the total amount of money you earn

• the amount of money you receive after deductions are subtracted from your gross income

• the amount of money that is taken away in the form of taxes

• the hourly rate of pay

Tags

CCSS.7.RP.A.3

Sally owns a gas station.  What type of tax will she have to pay on the land that the gas station is on? 

• Property Tax
• Payroll Tax
• Income Tax
• Sales tax

Jose Altuve for the Houston Astros makes $625,000 every year.  He has to pay taxes on the money his annual earnings. Which type of tax is that?

• Property Tax
• Income Tax
• Payroll tax
• Sales tax

Frank's parents own their house. Which type of tax will Frank's parents pay annually?

• Property Tax
• Payroll Tax
• Income Tax
• Sales tax

Jared bought a new boat. He had to pay which kind of tax on his new boat? 

• Property Tax
• Income Tax
• Payroll tax
• Sales tax

Income tax is-

• Money your employer pays to you
• Money you earn and put into the bank
• Tax paid on the money you earn annually
• Money you pay to your employee

The cost for the new Fallout 4 game is $59.99, but the cashier asked for more money, because of a tax.  What type of tax is this? 

• Income
• Property
• Payroll
• Sales

Tags

CCSS.6.RP.A.3D

Harris county charges tax each year on the house that Julia owns.  She pays around $6,500 in taxes each year for her house. Which type of tax is this?

• Income
• Property
• Payroll
• Sales