Sales tax
Does every state have the same sales tax?
No-Sales tax varies from state to state
Who files income tax?
Any resident of the United States who has taxable income.
What is net income?
The actual amount of money you take home each paycheck?
Who pays property tax?
Anyone with real estate (house, land, business)
What is the sales tax percentage in New York State?
4%
Mr. Ryan is making $23,000 more this year than last year because of a big promotion at work. How will this affect his income tax?
The promotion will increase Mr. Ryan’s income tax.
If payroll taxes and insurance were not deducted from your net income, how will your net income change?
It would increase.
Who determines how much someone pays in property tax each year?
Local governments
Mr. Beast goes to 5 below and buys a poster. The poster is 5 dollars. Should Mr. Beast expect to pay $5 for the poster? Why or why not?
No, Mr. Beast should expect a sales tax to be added on.
What day are income taxes due for all residents?
April 15th
Polly calculated that her paycheck this week would have a net income of $360 because she worked 40 hours and gets paid $9/hour. Is she correct? Why or why not?
No, Polly forgot to calculate the payroll taxes.
Does everyone pay the same property tax?
No. You have to own some sort of property and the local government decides the value of your property.
What is the money collected from sales tax used for?
Transportation infrastructure, local governments
What federal government organization do you report income taxes to?
The IRS (Internal Revenue Service)
What does payroll tax pay for?
Social Security and Medicare
Liv owns a house. They decided that this year, they were going to build a large porch so they can sit outside and watch the sun set. What will happen to Lov’s property taxes?
They will increase
Jimmy buys a bike for $100 If the New York sales tax is 4%, how much would Jimmy pa6 for his bike.
$104
What form do employed people receive from their job that states how much they earned throughout the year at that job?
W-2 form
True or false: Half of the payroll tax is paid by the employer?
True
What do property taxes help fund?
The police, firefighters, and public schools