1
Money that is taken out of your paycheck OR that is added to your purchases to fund government programs.
What is tax?
1) Infrastructure (road systems), 2) help after natural disasters, 3) government programs
Tax Day is the deadline for ________.
Tax Day is the deadline for filing your taxes.
Money you borrow/debt you incur to pay for something.
What is a loan?
_________ is a tax that is taken out of your paycheck.
A general tax that you pay for most purchases.
What is sales tax?
______ is a short-term loan with a high interest rate.
What is a payday loan?
Extra money added onto a loan that must be paid back.
What is interest?
The amount of income you earn BEFORE taxes are taken out.
What is gross income?
This tax is included on expensive things (ie - boats, diamonds, Porsches, etc).
What is luxury tax?
_____ _______ happens when you are unable to pay back your first loan, then have to take out another loan.
What is loan churning?
The amount of income you receive AFTER taxes are taken out.
What is net pay?
True or False: Is there a luxury tax on feminine products? (ie - tampons, pads, etc).
True!
These are manipulative and risky lending practices. It often results in the borrowers spending more money or not saving any money.
What is predatory lending?
_______ is a tax that is used to fund a government program. This program provides financial help to individuals in retirement and/or individuals with disabilities.
What is Social Security Tax?
These are examples of predatory practices.
Loan churning, refinancing a loan, loan flipping, high interest rates, payday loans, etc.