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Standards 5.10(A)-Supporting, 5.10(B)-Supporting

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Mr. H e n d e r s o n ' s gross i n c o m e t h i s m o n t h
equals his g r o s s i n c o m e f o r last m o n t h . Mr.
H e n d e r s o n ' s n e t i n c o m e t h i s m o n t h is less
t h a n his n e t i n c o m e last m o n t h . W h i c h coul d
e x p l a i n t h e c h a n g e in Mr. H e n d e r s o n ' s n e t
income?
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T h e local sales t a x has i n c r e a s e d .

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His payrol l t a x e s have d e c r e a s e d .

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His p r o p e r t y t a x e s have d e c r e a s e d .

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His payrol l t a x e s have i n c r e a s e d .

J e r r y ' s g r a n d m o t h e r w o r k e d in a d e p a r t m e n t
s t o r e f o r m a n y y e a r s . Now t h a t she has
r e t i r e d , she receives a m o n t h l y Social
S e c u r i t y c h e c k . J e r r y ' s g r a n d m o t h e r paid a
t a x d u r i n g her w o r k i n g y e a r s t h a t h e l p e d f u n d
Social S e c u r i t y . W h i c h is t h e t a x ?
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Payroll t a x

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Sales t a x

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Property tax

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All of t h e s e

T h e Cruz f a m i l y m o v e s t o a h o u s e w i t h
a h i g h e r v a l u e . A s a r e s u l t , w h i c h of t h e
f o l l o w i n g will p r o b a b l y happen?
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T h e i r i n c o m e t a x e s will i n c r e a s e.

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T h e i r p r o p e r t y t a x e s will i n c r e a s e.

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T h e i r payroll t a x e s will d e c r e a s e .

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T h e i r p r o p e r t y t a x e s will d e c r e a s e .

O2014 mentoringminds.com

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Lester's gros s i n c o m e i n c r e a s e d . As a r e s u l t ,
which o f t h e following probably happened?
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His n e t i n c o m e d e c r e a s e d .

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His net i n c o m e r e m a i n e d t h e s a m e .

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His n e t i n c o m e i n c r e a s e d .

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His payroll t a x d e c r e a s e d .

Micah w a n t s t o p u r c h a s e 2 c o m i c b o o k s f o r
$5 eac h and a set of t r a d i n g cards f o r $ 1 0 .
He gives t h e c l e rk $ 2 0 . T h e cler k said Micah
needs m o n e y f o r t h e t a x . W h i c h t a x does
Micah need t o pay?
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P r o p e r ty t a x

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Income tax

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Payroll t a x

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Sales t a x

S h o n d e e a r n s $8 per h o u r w o r k i n g a t Taco
T o w n . Her p a y c h e c k t h is w e e k is $ 1 9 9 f o r 30
h o u r s of w o r k . W h a t a m o u n t was w i t h h e l d
f r o m S h o n d e ' s p a y c h e c k f o r p a y r o l l taxes?
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$ 2 40

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$59

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$41

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$161

motivationmath'-LEVEL 5

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. . Show your child a paycheck stub. 5. Discuss the difference between gross income and net income (take-home pay) . 3.. and net income.. 1 . . Lizzy's net income is $435 per week. . . . 3 Lizzy's gross income is $450 per week before t a x e s .52 Name something this tax money would fund. Flor's parents calculate t a x e s for the federal government. Te rre n ee's family buys a lake house. . sidewalk improvements... payroll tax..Name i i l t 3 i Homework 1 Standards 5. 2 A l e j a n d r o ' s s i s t e r had t h i s r e c e i p t in he r p u r s e . 2. . . 5 In addition to their current home. Put prices on toys in your child's room. 2 . What type of t a x does Lizzy pay? Explain how to use Lizzy's gross income and net income to calculate the tax. .. what type of tax will increase for the family? '. 3. E x a m p l e s include schools. roads. . What type of tax is this? T o t a l Due: $10.19 Shampoo.. help your child determine the amount of sales tax based on your local tax rate. .. After t a x e s are withheld. locate and discuss s e r v i c e s funded by t a x e s . . . .99 C h o c o l a t e . .67 Tax: 0. ....10(A)-Supporting. As a result.. When you are driving with your child. 246 motivationinati-LEVEL 5 ©2014 mentoringmindsxom . RECEIPT L i p s t i c k .85 4 E v e r y yea r before April 15. 3 . Using a calculator. . etc. police c a r s . What type of tax did Alejandro's sister pay? Describe a situation in which you have paid this type of tax. . Point out the lines that show gross income.^S¥©nl 'Activities. . T h e n have your child calculate the total price including t a x .49 Sub T o t a l : 9. and pretend the room is a toy store. . Discuss the purposes of t a x e s . Have your child select toys and calculate the total pre-tax price.10(B)-Supporting List 3 g o o d s or s e r v i c e s y o u have used t h a t are f u n d e d by t a x e s .