Taxes | Income |
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What is income tax?
Based on the amount of money you earn
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What is gross income?
Total income before anything is taken out (like taxes)
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What is payroll tax?
Amount of money an employer keeps from your paycheck.
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What is net income?
Total income after taxes are taken out. What you actually get.
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What is sales tax?
Money added to the price of goods and services we buy
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What is $30?
Your gross income for one week of work is $240. Your net income is $210. You want to know how much is taken out for taxes each week.
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What is property tax?
A family adds on to their house. After they add on, their payment of this kind of tax increases.
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What is sales tax?
The value of this tax depends on the value of the item and is paid at the time of purchase.
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