1
What does "gross income" mean?
A) Money you actually receive
B) Money agreed to earn (before deductions)
C) Money after taxes
D) Your savings
B) Money agreed to earn (before deductions)
Maya expected to receive $2,000 on her first paycheck. How much did she actually receive?
A) $2,000
B) $1,800
C) $1,500
D) $1,200
C) $1,500
What does CRA stand for (the agency that handles paycheck deductions)?
A) Canadian Revenue Administration
B) Canada Revenue Agency
C) Central Revenue Authority
D) Canadian Regulatory Agency
B) Canada Revenue Agency
When Maya bought an iPhone for $999, the total came to $1,128.87. What is the exact HST amount charged?
A) $99.90
B) $119.87
C) $129.87
D) $139.87
C) $129.87
How much does Maya earn per month at her first job at a local cafe?
A) $1,500
B) $1,800
C) $2,000
D) $2,500
Answer: C) $2,000
According to Maya's earnings statement, which THREE types of deductions were taken from her gross pay?
A) Federal/Provincial Income Tax, CPP, and EI
B) Sales tax, Property tax, and Income tax
C) HST, GST, and PST
D) Rent, Insurance, and Savings
A) Federal/Provincial Income Tax, CPP (Canada Pension Plan), and EI (Employment Insurance)
What does HST stand for?
A) High Sales Tax
B) Harmonised Sales Tax
C) Home Services Tax
D) Harmonized Service Tax
B) Harmonised Sales Tax
When Maya visited the doctor because she was sick with a fever and sore throat, how much did she have to pay for her medical visit?
A) $50
B) $100
C) $200
D) Nothing - it was covered
D) Nothing - it was covered
If Maya's gross income is $1,000 and her net income is $800, what percentage of her gross income was deducted?
A) 15%
B) 20%
C) 25%
D) 30%
B) 20% (Calculation: $200 deducted ÷ $1,000 gross = 20%)
Based on Maya's earnings statement showing $2,000 gross pay and $500 total deductions, which deduction had the LOWEST amount?
A) Federal/Provincial Income Tax ($300)
B) CPP - Canada Pension Plan ($100)
C) EI - Employment Insurance ($30)
D) All were equal
C) EI (Employment Insurance) at $30.00
Ontario's 13% HST is a combination of which two taxes?
A) Federal tax and Provincial tax
B) 5% GST (Goods and Services Tax) and 8% PST (Provincial Sales Tax)
C) 7% GST and 6% PST
D) 10% GST and 3% PST
B) 5% GST (Goods and Services Tax) and 8% PST (Provincial Sales Tax)
After Maya bought her house in Toronto for $500,000, how much was her property tax bill from the City of Toronto?
A) $2,000
B) $3,000
C) $5,000
D) $10,000
C) $5,000