Topic 16 Financial Literacy

Front

What is Sales Tax?

Back

Taxes you pay when you purchase a good or service.

Tags

CCSS.6.RP.A.3D

Front

What is Net Income?

Back

The amount of money you earn after taxes are taken out.

Front

What is Income Tax?

Back

Taxes the government takes from the money you earn.

Front

How do you calculate the total cost of an item with sales tax?

Back

Add the sales tax to the original price of the item.

Tags

CCSS.6.RP.A.3D

Front

If an item costs $60 and the sales tax is 7%, what is the total cost?

Back

$64.20

Tags

CCSS.6.RP.A.3C

Front

What is Gross Income?

Back

The total amount of money earned before any deductions.

Front

What is Payroll Tax?

Back

Taxes taken from an employee's paycheck to fund social security and Medicare.

Front

What is Property Tax?

Back

Taxes based on the value of property owned.

Front

If Landan makes $9 an hour and works 35 hours, what is his gross income?

Back

$315

Front

If Taco Bell deducts $65 for insurance from Landan's gross income, what is his net income?

Back

$250

Tags

CCSS.7.EE.B.3