Taxes and Paying Bills

Which of the following is an example of a person paying property taxes?

• Melissa bought a bicycle. She paid taxes for the bicycle she purchased.

• Javier owns a small cabin on several acres of land. He pays taxes each year for the cabin.

• Jennifer gets paid every other week. She pays taxes based on her earnings.

• An employer withholds money from Christina's monthly wages to pay for Social Security taxes.

Which two are examples of income tax?

• Brian won a cash prize on a popular game show. Brian pays taxes based on the money he earned.

• Lily bought a television for $149.67, including tax.

• Lawrence has two jobs. Each year, Lawrence pays taxes based on all the money he earns.

• Julian's employer withheld $37.58 for Medicare taxes.

A definition of a financial term is shown in the box. Which term best fits this definition?

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

Which two are examples of sales tax?

• Eden paid a total of $365.54 for a laptop, including taxes.

• An employee has a yearly income of $75,000. Each year he pays taxes on his annual income.

• Matt purchased land to build a house, he will pay $8,000 in taxes.

• Cynthia paid $3.40 in taxes for a purse she purchased.

Which type of tax is described below?

Aubree makes baby blankets that she sells online and at craft fairs. This year, she pays $680 in tax on the profits from her baby blankets.

• income tax

• property tax

• sales tax

How much payroll tax did Tommy pay?

Which type of tax comes out of your paycheck?

• Sales

• Property

• Income

• Payroll

Jackson got a part-time job making hamburgers at a café. Last week he earned $100 in wages, but he received a paycheck for only $70. What is the reason the amount of his paycheck was less than the wages he earned?

• Jackson only worked part-time.

• The café lost money last week

• The owner of the café decided not to pay Jackson the total amount he earned.

• Taxes were taken out of Jackson's paycheck.

Which of the following is a piece of paper that tells the bank to take money out of your checking account?

• debit card
• check
• online bill pay
• Cash

Last week, May bought a pair of jeans at a store in the mall. She paid for the purchase using a plastic card, and the amount was deducted from her checking account. What did she use to buy the jeans?

• debit card

• credit card

• check

• electronic payment