Types of Taxes and Income

Luis earns about $65,000 each year from selling items online. He pays taxes on the money he makes from online sales. What type of taxes does Luis pay?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

A definition of a financial term is shown below:

The total amount of money an employee earns before deductions.

Which term best fits the definition?

• Income taxes

• Gross income

• Sales taxes

• Net income

Nelson purchased a building that he plans to turn into a restaurant. He will pay taxes for the building each year. What type of taxes will Nelson pay?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Aidan works for a construction company. His gross income each week is $2,579.54. How much is Aidan's net income if he pays $436.78 in deductions and taxes?

Tags

CCSS.6.NS.B.3

An employer withholds a portion of Stephanie's weekly wages to pay for Medicare taxes. What type of taxes describe Medicare taxes?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Which of the following is deducted from an employee's gross income?

• Sales taxes

• Entertainment taxes

• Income taxes

• Property taxes

Nadia will buy a new desk for $150. She will pay $0.08 in taxes for every dollar. What type of taxes will Nadia pay?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Tags

CCSS.6.RP.A.3B

Susana works 35 hours a week at a retail store. She earns $10 each hour. Which statement is true about her weekly income?

• Her net income is greater than $350.

• Her gross income is greater than $350.

• Her gross income is less than $350.

• Her net income is less than $350.

Tags

CCSS.7.EE.B.3

Anthony bought his first home. In 2021 he paid $6,000 in taxes based on the value of the home. What type of taxes did Anthony pay?

• Payroll tax

• Property tax

• Sales tax

• Income tax

A definition of a financial term is shown below:

The amount of money an employee is paid after deductions and taxes.

Which term best fits the definition?

• Net income

• Income taxes

• Payroll taxes

• Gross income