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Financial Literacy Flashcards | StudBud

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Financial Literacy

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Questions 6

Answers

1
A tax that includes Social Security and Medicare taxes and is paid by an employer is called a Property tax
True
False
2
What is an income tax?
Taxes you pay when you own property
Taxes the government takes from the money you earn
Money you spend
Money you earn
3
Another word for money you EARN is INCOME
False
True
4
What is a payroll tax?
A tax that you dont have to pay
A tax you pay when you shop
Tax that employers take from earned money to pay Social Security & Medicare
A tax that the government pays for you
5
David bought a rug for his home. What kind of tax did he pay as part of the total cost for the rug?
payroll tax
sales tax
income tax
property tax
6
Which of these is NOT an example of a property tax?
Tax paid the value of a home a person owns
Tax paid on the value of a farm a person owns
Tax paid on the value of a piece of land a person owns
Tax paid on the value of a piece of furniture a person owns