Taxes

Who primarily uses our tax money?

• Federal and State Government

• Foreign governments
• Non-profit organizations
• Corporations

Our tax money is spent on all of the following EXCEPT:

• Military

• Government programs
• Public School

• Personal expenses

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

Which of the following taxes is applied to wages, salaries, dividends, and interest earned?

• Income tax
• Excise tax
• Property tax
• Sales tax

What item would you DEFINITELY see on a paystub?

• Employee's favorite color
• Number of pets owned
• Favorite vacation destination
• Gross pay, net pay, and deductions

Jason filed his 2023 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• July 15th
• June 15th
• April 15th

• January 1st

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

• She will report her total income as $1,200.

• She will report her total income as $1,700.

• She will report her total income as $500.

• Luisa is required to file a tax return.

Which is TRUE if you do not pay your taxes?

• You will be praised for your financial responsibility
• You will receive a tax refund
• You may face penalties, fines, and legal consequences.

  Your credit score may go down.

• You will be exempt from future taxes

Jose earned $42,000 last year and paid $6000 in taxes on what he earned.

What is this tax called?

• Payroll Tax

• Property Tax

• Income Tax

• Sales Tax

Gregory's two-story house is appraised for $230,000. That means the government thinks his house should be taxed based on that value. This year he has to pay about $2300 in taxes for his home.

What is this tax called?

• Payroll Tax

• Property Tax

• Income Tax

• Sales Tax