Taxes & Government
What is a tax?
Money people pay to the government to help pay for public services.
What tax is taken out of most workers' paychecks?
Income tax.
If you earn $100 mowing lawns, do you usually keep the full $100?
No.
What was the goal of your business in our Shark Tank challenge?
A. Lose money
B. Make a profit
C. Spend all your money
B. Make a profit
Taxes help pay for schools.
True.
Name two things taxes help pay for.
Schools, roads, firefighters, police, parks, libraries, hospitals, etc.
What tax do you usually pay when buying something at a store?
Sales tax.
Why might the amount deposited into your bank account be less than the salary you earned?
Because taxes (and sometimes other deductions) are taken out before you get paid.
What is an entrepreneur?
A. Someone who starts and runs a business
B. Someone who only shops at businesses
C. Someone who works only for the government
A. Someone who starts and runs a business
Everyone pays the exact same amount of tax.
False
Why do governments collect taxes?
A. To pay for shared services
B. To make businesses richer
C. To make prices higher
A
Who usually pays property tax?
Homeowners (property owners).
You worked all weekend and earned $200. Your paycheck is $175. What is the MOST likely reason?
A. Your boss forgot to pay you.
B. Taxes were taken out.
C. You got a discount.
B.
What is a customer?
A. Someone who buys your product or service
B. Someone who owns the business
C. Someone who makes the product
A. Someone who buys your product or service
Sales tax is usually included in the price tag you first see in most U.S. stores.
False.
Which of these is NOT usually paid for with tax dollars?
A. Public schools
B. Fire departments
C. Public libraries
D. A movie theater
D. A movie theater
You buy a $25 sweatshirt and pay extra at checkout. What kind of tax was added?
Salex Tax
You earned $400 but your paycheck is $340. How much was taken out?
$60
Which of these is an expense for a lemonade stand?
A. Lemons
B. Cups
C. Sugar
D. All of the above
D. All of the above
Public parks are often funded by tax dollars.
True.
Why might people disagree about how tax money should be spent?
People have different priorities and opinions about what should receive funding.
Match each tax with the correct situation.
Why should you make a budget using your take-home pay instead of your salary?
Because that's the money you actually receive and can spend.
What is profit?
A. All the money your business earns
B. The money left after paying your business expenses
C. The money you spend on supplies
B. The money left after paying your business expenses
People can have and do have different opinions about how tax money should be spent.
True.