Grade 10 Tax Computation Worksheet
A worksheet for Grade 10 students covering basic tax computation, including income tax, sales tax, and property tax.
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Grade 10 Tax Computation Worksheet
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Read each question carefully and answer to the best of your ability. Show all your work for calculations.
1. What is the primary purpose of income tax?
To fund private businesses
To generate revenue for government services
To control inflation
To regulate international trade
2. Sales tax is typically calculated as a percentage of the:
Original price of an item
Discounted price of an item
Total income of the buyer
Production cost of an item
3. The amount of money earned by an individual or business before deductions is known as their income.
4. Property tax is usually assessed annually based on the value of real estate.
5. Sarah earns $3,500 per month. If her income tax rate is 15%, how much income tax does she pay per month?
6. A new laptop costs $899. If the sales tax rate is 7.5%, what is the total cost of the laptop including tax?
7. A progressive tax system means that higher-income individuals pay a lower percentage of their income in taxes.
True
False
8. Property taxes are a major source of funding for local public services like schools and fire departments.
True
False
9. Mr. Johnson owns a house with an assessed value of $250,000. If the property tax rate is 1.8% of the assessed value, how much property tax does he owe annually?
10. Emily bought several items totaling $125 before tax. The sales tax rate is 6%. She also has a coupon for $10 off her total purchase. Calculate her final cost after the coupon and sales tax are applied. (Assume the coupon is applied before tax).