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Financial Literacy Flashcards | StudBud

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What is income tax?

What is payroll tax?

Financial Literacy

8 terms·StudBud Administration·87 plays

Review of terms for TEK 5.10a and 5.10b. #financialliteracy #math

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Questions 8

Answers

1
What is payroll tax?
tax paid when buying something at a store
portion of wages taken from an employee
taxes from receiving a gift
money collected from a property
2
What is income tax?
tax taken from an employer
money earned or received paid to the government
money collected by a store
money collected for property
3
Which is an example of a payroll tax?
net income
income received as a gift
social security
4
What tax is paid when someone owns a home?
property
payroll
sales
income
5
What is gross income?
money received from a gift
money paid to the government
income before taxes and deductions
"take-home" pay
6
Which is NOT an example of a deduction taken out of a paycheck?
retirement
federal taxes
health insurance
property taxes
7
What is net income?
money received from a gift
taxes paid to the government
money earned before taxes
money that remains after taxes are taken out
8
What is the tax paid when you buy something from the store?
property tax
payroll tax
sales tax
income tax