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A balanced budget is when your _____ matches your _______
income/expenses
What is the difference between gross income and net income?
After taxes/Before taxes
Joe has two part-time jobs. At his first job, he earned $200 and paid $42 in payroll tax. At his second job he earned $175 and paid $24 in payroll tax. What is his pay after taxes?
$309
Mark’s pay after taxes is $855.08. If his total earnings are $1,100, how much does Mark pay in payroll tax?
$244.92
What is the money added to the cost of items and services called? It is usually paid when an item is purchased.
Sales Tax
____________ is a portion of the value of items. This tax can be charged on things such as cars, houses, boats, or land. This kind of tax is paid once or several times a year as long as a person owns the item
Property Tax
This is an example of what kind of tax? The video game sells for $19.99 plus $0.55 in tax
Sales Tax
This is an example of what kind of tax? $21.65 is withheld from Ed’s weekly earnings.
Payroll Tax
This is an example of what kind of tax? The value of a house is $250,000. The yearly tax on the house is $7,500
Property Tax
At the bookstore, the clearance shelf has a book about explorers. The book has a price tag of $4. The sales tax is $0.05 on every dollar. Which is the total cost of the book?
$4.20
A pair of laces has a price tag of $7.00. The sales tax is $0.08 on every $1. Which is the total price of the laces?
$7.56
Rex buys a flashlight for $44 and binoculars for $69. What is the total cost of Rex’s purchase if sales tax is $0.07 on every $1?
$120.91
Hazem’s weekly income is $40. He budgets $20 for food and entertainment each week and saves the rest of his income. How much money will he save in 5 months?
$400
