Taxes Income
100
What is income tax?
Based on the amount of money you earn
100
What is gross income?
Total income before anything is taken out (like taxes)
200
What is payroll tax?
Amount of money an employer keeps from your paycheck.
200
What is net income?
Total income after taxes are taken out. What you actually get.
300
What is sales tax?
Money added to the price of goods and services we buy
300
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.
400
What is property tax?
A family adds on to their house. After they add on, their payment of this kind of tax increases.
500
What is sales tax?
The value of this tax depends on the value of the item and is paid at the time of purchase.






Financial Literacy Review

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