Taxes- Tuesday

The total tax an employer withholds to pay to the government.

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

Alex purchases 2 comic books for $5 each and a set of trading cards for $10. He gives the clerk $20, but he needs more money to pay for the tax. Which tax does Alex need to pay?

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

Tags

CCSS.6.RP.A.3B

Kathy received a paycheck for $685 after taxes and deductions. What type of income did she receive?

• Net income
• Gross income
• Payroll income
• None of the above

Tags

CCSS.7.RP.A.3

What statement defines gross income?

• Gross income is the amount of income after taxes are paid.
• Gross income is the amount of taxes paid.
• Gross income is the amount of income before taxes are paid
• Gross income is the amount of income of buying goods and services

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

Tags

CCSS.7.RP.A.3

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

Martha's net income is $500, if her gross income is $850, how much are her deductions?

• -$350
• $350
• $500
• $1350

Tags

CCSS.7.EE.B.3

A deduction is

• gross income

• money added to your income

• net income

• money taken out of your income

A portion of the value of items.  This can be charged on items like: cars, houses, boats, or land.

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

The total tax an employer withholds to pay to the government.

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