7.13A Calculating Taxes & Earned Wages
Presentation
•
Mathematics
•
6th - 8th Grade
•
Hard
+4
Standards-aligned
Kimberly Spalding
Used 3+ times
FREE Resource
10 Slides • 26 Questions
1
2
3
Dropdown
4
Math Response
The sales tax rate is ___ %.
5
Multiple Choice
What is 8% as a decimal?
8.0
.08
.008
80
6
7
Dropdown
8
Multiple Choice
What mistake did Dakota make in calculating the sales tax?
Dakota used the wrong percentage.
Dakota multiplied by 0.8 instead of 0.08.
Dakota added instead of multiplying.
Dakota used the wrong price.
9
Math Response
The correct tax amount is ________.
10
Math Response
What is the total cost of the DVD?
11
12
13
Fill in the Blanks
Type answer...
14
Multiple Choice
What is the total cost of the refrigerator, including sales tax?
$557.03
$31.53
$840.80
$315.30
15
Financial Literacy Review
16
17
Vocabulary
Earned Wages: The income you make from an employer
Gross Wages: ALL of the income you make before taxes and other deductions
Payroll Deductions: Items taken away from your gross wages. Insurance, Social Security Tax, Medicare Tax, etc.
Pay Period: How often you are paid. Example-weekly, biweekly, semi-monthly, monthly
Withholding Allowance: A portion that is excluded from taxable wages based on claiming yourself and dependents you support
18
Vocabulary continued
Taxable Wages: Wages that are left once the withholding allowance is calculated. b
Social Security Tax: A government based retirement system set up by President Roosevelt in 1935
Medicare Tax: A government based medical insurance system set up by President Johnson in 1965
FICA: Federal Insurance Contributions Act which requires all employers to pay social security tax and Medicare tax
Federal Income Tax: Collected by the US government to fund the business of the government
19
20
Dropdown
21
Multiple Choice
22
Multiple Choice
23
Multiple Choice
24
Multiple Choice
25
Multiple Choice
26
Multiple Choice
27
Multiple Choice
28
Multiple Choice
Dinner is $23.77 and you leave a 10% tip. Find the total cost.
$ 2.38
$ 2.37
$ 26.15
$ 21.39
29
Multiple Choice
Sam plans to buy a new Xbox Series X. The price is $499. Sales tax in his state is 9%. What is the sales tax in dollars and cents that Sam will have to pay?
$50
$499
$44.91
$543.91
30
Multiple Choice
You make $ 10.75 an hour. You worked 13 hours the first week and 17 hours the second week. How much money did you make in the two weeks?
$ 40,75
$ 322.50
$ 221.00
31
Multiple Choice
You make $9.00 an hour at your part-time job. You work 20 hours a week and your income tax rate is 20%. How much will be taken out of your paycheck each week?
$36.00
$144.00
$9.00
32
Multiple Choice
Money received on a regular basis for work or through investments
Values
Taxes
Income
Fixed Cost
33
Multiple Choice
Money withheld from an employee’s wages or salary
disposable income
payroll taxes
workers compensation
earned income
34
Multiple Choice
A deduction is
gross income
money added to your income
net income
money taken out of your income
35
Multiple Choice
Marco has the following deductions listed.
Federal Income tax: $44
Social Security tax: $23
Medicare tax: $5
Health Insurance: $24
What is the total amount of his deductions?
$39
$67
$91
$96
36
Multiple Choice
Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?
$132.50
$417.50
$440.00
$638.50
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