Taxes
Name 3 types of products that receive the excise tax?
Cigarettes, alcohol and gas
When are you entitled to overtime pay?
Any time working over 40 hours.
How do working papers help protect minors?
Hold employers accountable to follow child labor laws.
Taxes calculated as a percentage of a price paid for goods and services and charged by state and local government.
Sales Tax
Janet and Joe are the parents of Jordan and are eligible for a $2000 child tax credit. If their tentative tax bill is $6000, how much will their final tax bill be?
$4000
Which of the following is punishable by penalties and possibly jail time?
Tax Evasion
When an employee is paid a percentage of the cost of a sale, they are receiving a...
Comission
What is the difference between Gross and Net pay?
Gross pay is pay before taxes, Net pay is take home pay after taxes.
Taxes charged by local governments ( cities, towns, counties) based on the market value of a home or other real estate.
Property Tax
How much commission would you make if you get a 18% commission on $475 worth of sales?
$85.50
Charitable contributions are generally considered a
Tax Deduction
Give 1 example of earned AND unearned income.
Earned: Wages, Salaries, Tips, Commissions
Unearned: Gifts, Retirement pensions/social security, dividends and interest from stocks
Public High schools in cities and towns across the U.S. are MAINLY funded through taxes taken by what level of government?
Local Taxes
Taxes based on income and marital status and charged by federal, state, and local government using a series of escalating marginal tax brackets.
Income Tax
How much of a tip will you make if the bill is $150, and you receive a 20% tip?
$30
Federal income tax is an example of what type of tax?
Progressive
Who needs working papers? How do you obtain them? Who should sign them?
Anyone under 18 who wants to work. It is obtained at your school. Doctor, Parents, Employer, and School need to sign.
What are 2 things that are paid for by your STATE taxes.
Road maintenance, Law enforcement, Education
Taxes charged on top of sale price for certain items including gas and alcohol
Excise Tax
If I have a 1500 charitable deduction at a 24% tax bracket, how much can I deduct?
$360
What is a tax deduction problem based on? (How do you know it is a deduction)
The word deduction, and the mention of a percent tax bracket.
If you make $35 per hour and work 48 hours in a week. How much will you get paid?
$1,820
What are the 4 payroll taxes?
Federal, State, Social Security and Medicare
What is the difference between regressive and progressive taxes?
Regressive taxes are a flat rate everyone pays the same, Progressive taxes change depending on income.
If I have a 1800 deduction at a 22% tax bracket, how much am I still responsible for?
$1404