Personal Financial Literacy: Types of Taxes
Presentation
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Mathematics
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5th Grade
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Medium
+10
Standards-aligned
Taylor Galaway
Used 163+ times
FREE Resource
11 Slides • 8 Questions
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Personal Financial Literacy
Taxes, Incomes and Budgets, OH MY!
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Open Ended
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Open Ended
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Fill in the Blanks
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Fill in the Blanks
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Income Tax
Tax based on money a person earns (salaries, wages, tips, etc.) and is used by the Federal Government for National Expenses.
(soldiers, safety, courts, law makers, national parks, IRS [Internal Revenue Services])
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Payroll Tax
A tax an employer (boss) withholds from an employee's (worker) salary, paid to the government
(Social Security, Healthcare and unemployment)
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Sales Tax
A tax paid on the purchase of goods and/or services.
Every time you buy things or services, you pay the sales or transaction tax.
In Texas, our sales tax is 8.25%
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Property Tax
A tax based on the value of a property that is paid by the owner of the property.
Homes, Land, Businesses, etc.
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Multiple Choice
Ian went to the Academy to purchase a baseball bat. The price tag said $49.99, but when he went to check out, the total was $ 54.11. What type if tax is this an example of?
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Multiple Choice
Which type of tax best describes this definition?
- a tax paid on the money an employee receives.
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Multiple Choice
The following are examples of which type of tax?
1. Tax paid on a family owned farm.
2. Tax paid of a piece of land someone owns.
3. Tax paid on a home someone owns.
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Multiple Choice
Which type of tax best describes this definition?
- a tax includes Social Security and Medicare taxes and is paid by an employer
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Payroll Tax: Social Security
Social Security- a federal program that provides assistance to persons faced with unemployment, disability, or to qualifying people over the age of 65.
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Payroll Tax: Medicare
Medicare- a federal program that reimburses hospitals and physicians for medical care provided to qualifying people over 65 years old.
Personal Financial Literacy
Taxes, Incomes and Budgets, OH MY!
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