Financial Lit QUIZIZZ

• Sales Tax Deduction

• Parking Deductions

• Payroll Tax Deductions

• Property Tax Deductions

Caroline bought a car and paid $27,500 including tax. The actual cost of the car was $25,000. Which statement best describes the difference between the actual cost of the car and the amount Caroline paid?

• Caroline paid $2,500 in property tax.

• Caroline paid $2,500 in income tax.

• Caroline paid $2,500 in payroll tax.

• Caroline paid $2,500 in sales tax.

Mr. Feldman built a new deck in his backyard. Which statement best describes a result of adding the new deck?

• Since the new deck adds value to the property, Mr. Feldman’s property taxes may increase.

• The amount of money Mr. Feldman spent on building the deck will be deducted from his paycheck as a payroll tax.

• The time spent building the new deck will affect Mr. Feldman’s income taxes.

• All of Mr. Feldman’s neighbors will have to pay more in sales taxes because of Mr. Feldman’s new deck.

Which tax is collected by the federal government based on an individual’s yearly earnings?

• Income tax

• Property tax

• Sales tax

• Not Here

Which of these are examples of a property tax?

• Tax paid on the value of a piece of furniture a person owns

• Tax paid on the value of a farm a person owns

• Tax paid on the value of a car a person owns

• Tax paid on the value of a necklace a person owns

Which tax best describes this definition?

• Payroll tax

• Property Tax

• Sales Tax

• Gasoline Tax

What is the difference between gross pay and net pay?

• Gross pay is what you pay in taxes. Net pay is what you pay in for insurance.

• Gross pay is all of your income before bonuses. Net pay is any bonuses you receive added to your income.

• Gross pay is your income before all deductions are subtracted. Net pay is your income after all deductions have been subtracted.

• Gross pay is what you are paid every week. Net pay is what you are paid every month.

Evelyn makes $9.25 an hour working as a hair dresser.  She worked 30 hours this week and had $36.80 deducted for payroll taxes.  What was her net income?

• $241.30;  You must multiply your hours worked by $9.25 then subtract your deductions.

• $240.70;  You must multiply your hours worked by $9.25 then subtract your deductions.

• $277.50;  You must multiply your hours worked by $9.25.

• $314.30;  You must multiply your hours worked by $9.25 then add your deductions.  

In order for Ally to balance her budget, by which amount must she reduce her expenses?

• $158

• $18

• $8

• $28

Tessa wants to move to a new apartment. What is the most Tessa can afford for rent on her new apartment if she maintains a balanced budget each month?

• $2,300

• $1,400

• $1,100

• $900