Types of Taxes - 5th Grade Financial Literacy

What is not something that is paid for by taxes?

• Schools and education

• Building roads

• putting a swimming pool in my backyard

• military equipment

I bought a pair of shoes from the Shoe Carnival.  The shoes cost $30 but I owed $32.56.  Why did I have to pay more than the shoes cost?

• Income tax was added to the cost of the item.  

• Sales tax was added to the cost of the shoes.

• Property tax was added.

The tax that is owed on the house you own is an example of what kind of tax?  

• Payroll Tax

• Property Tax

• Sales Tax

What is not a type of tax that comes out of a paycheck when you get paid by your employer?

• payroll tax

• income tax

• property tax

Payroll tax is paid by the employer.  True or False

• False

• True

Tax that is paid on personal income (money earned) is called  ........

• Income Tax

• Property Tax

• Payroll Tax

What is an example of sales tax?

• Money added to the cost of the clothes I bought at the store

• Money paid by me based on the land that I own and the things on that land

• Money paid by my employer for medicare and social security

• Money taken out of my paycheck based on how much money I earn

What is an example of payroll tax

• Money added to the cost of the clothes I bought at the store yesterday

• Money I pay based on the land I own and the things on that land 

• Money paid by employers for medicare and social security

• Money I pay  based on how much money I earn  

What is an example of property tax?

• money added to the cost of the clothes I bought last week

• Money I pay based on the land I own and what is on that land

• Money paid by my employer for things like medicare and social security

• money I pay  based on how much money I earn

What is an example of income tax?

• Money added to the cost of the clothes I bought yesterday

• money I pay  based on the land I own and the things on that land

• money paid by my employer to pay for things like medicare and social security

• money I pay based on how much money I make