us tax system

Explain how you can calculate total earnings if you know the payroll tax and the pay after taxes.

• Total earnings are the difference of payroll tax and pay after taxes.

• Total earnings are the sum of payroll tax and pay after taxes.

• Total earnings are the product of payroll tax and pay after taxes.

Which deductions from your pay are considered voluntary?

• retirement contributions

• state taxes

• health care

• life insurance

Money you receive after taxes is called:

• gross income
• net income
• salary
• pay day

When you own a house, what type of tax do you pay on it?

• income tax
• sales tax
• property tax
• payroll tax

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

• Gross Income
• Net Income
• Both Gross and Net Income
• None of the above

What type of tax do you pay for Cheetos and soda?

• income tax
• sales tax
• property tax
• payroll tax

A spending or savings plan.

• budget

• payroll taxes

• balanced budget

• expense

When what you make, spend, and save all balance out to $0. Income=Expenses

• budget

• income

• gross income

• balanced budget

Anything that you spend money on.

• income

• expense

• deposit

• withdrawal

Money earned through work.

• withdrawal

• expense

• deposit

• income