Basic info
A tax collected from one's earnings and is withheld from one's paycheck, goes to the Federal government
What is a Federal income tax?
A 7.5% sales tax is imposed on consumer goods in Figures Town. If you bought a $50 jacket, how much would the total price be with sales tax?
50 (original price) + 3.75 (7.5% of 50) =
$53.75
What is the most returned category of items when purchased online?
Clothing
Name at least 3 ways the government may use taxes
Roads, bridges, infrastructure
Public schools, hospitals, police, fire, ems
Public programs to help the less fortunate
A tax on the value of one's belongings, including home, land, vehicles, boats, etc.
What is property tax?
Tim's net pay after working for a week was $534, his gross pay was $650.
How much was withheld from his paycheck?
$116 in deductions
What state has the highest average tax rate?
California: 13.3% for individuals earning more than $1 million.
A charge for the movement of goods through a political border (imports and exports)
What is a tariff?
Your pay before taxes or deductions are withheld from your paycheck
Gross Pay
A tax on commodities (non-necessities) when they are sold to the consumer
What is a sales tax?
Janine's income tax rate is 13% of her yearly gross pay of $25,000. How much does she pay in income taxes?
$3250
(25000 * 0.13)
There are 8 states without a state income tax,
Name 4 out of 8!
Alaska
Florida
Nevada
South Dakota
Tennessee
Texas
Washington
Wyoming
Someone who helps people pay their taxes
What is an accountant or financial advisor?
What is the purpose of taxes?
To raise revenue for government spending = government programs (medicare, EBT, social security, disability benefits, etc.)
A tax collected from one's earnings and is withheld from one's paycheck; goes to the state or local government
What is a State income tax?
Ava's state income tax rate is 11% of her yearly gross pay of $25,000. Her federal income tax rate is 12.5%.
What is her net pay after paying federal and state taxes?
$19,125
The state with the highest Sales Tax!
(Points if you get one of the top 3)
Tennessee: 9.55%
Louisiana: 9.52%
Arkansas: 9.47%
What is Ms.Figures' least favorite fruit/vegetable
TOMATO
Your pay after taxes or deductions are withheld from your paycheck
Net Pay
2 programs that are funded by individual's income;
money is withheld from one's paycheck for these programs
What are social security and medicare?
What is her income tax rate (percent)?
15%
Name 3/4 states with no sales tax.
Delaware: 0%
Montana: 0%
New Hampshire: 0%
Oregon: 0%
What is Ms.Figures' favorite snack
Sour candies, Kinder Bueno, fruit with tajin :)