Tax Basics Quiz

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

The amount of money leftover of your income after you take care of expenses.

• tax

• income

• net income

• gross income

The total earnings a person receives before paying for taxes and other deductions.

• net income

• gross income

• sales tax

• salary

The money received for work

• taxes

• income

• subtotal

• withhold

These types of taxes take a percentage of your paycheck. The more you make , the more that is take out.

• Sales Tax

• Income Tax

These taxes come out of a person's paycheck and is meant to help people once they retire.

• Sales Tax

• Social Security 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

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

Which is the BIGGEST tax that is taken out of your paycheck?

• State Income Tax

• Federal Income Tax

• Social Security Tax

• Health Insurance

A health care program for the elderly and disabled

• social security
• medicare
• state income tax
• federal income tax