Definitions
Income Tax
paid by individuals based on the money they earn on a yearly basis
How do taxes help the community?
Various answers
List 3 services where tip is given to individuals
1. Restaurants
2. Hotels
3. Food Delivery
Bill: $300
Tip: 15%
Tip amount: ?
$45
Running shoes: $48.90
Quantity: 2
Total amount: ?
$97.80
Property Tax
paid by individuals based on the value of their home on a yearly basis
Do taxes pay the salaries of emergency services?
True
What is the purpose of giving a tip?
to reflect individuals level of satisfaction of the service
Bill: $985
Tip: 12%
Tip amount: ?
$118.2
Socks: $23.55
Quantity: 3
Total amount: ?
$70.65
Sales Tax
paid by individuals when purchasing goods or services
What type of tax gets deducted from pay cheques?
Payroll tax
Tips are a _________ of the total cost
percentage
Bill: $999
Tip: 13%
Tip amount: ?
$129.87
Water bottle: $55.00
Quantity: 4
Total amount: ?
$220
Payroll Tax
an amount that is kept back from a paycheck by the employer/job on a monthly basis
Paid on a yearly basis based on home value
Property tax
15% - 30%
Bill: $500
Tip: 15%
Tip Amount: ?
$75
Videogames: $35.98
Quantity: 5
Total amount: ?
$179.90
Tax
mandatory fees paid by citizens and companies to the government in exchange for services.
List 3 examples of services that are paid for using taxes
1. Construction
2. Education
3. Protection
What is another term for tip?
gratuity
Bill: $1 500
Tip: 14%
Tip amount: ?
$210
Apple Watch: 248.79
Quantity: 2
Tax: 13%
Total amount: ?
$64.6854