Taxes, Net Income and Balancing a Budget (Grade 5, Set A)
Printable Grade 5 financial literacy worksheet: income, payroll, sales and property taxes, gross vs net income, payment methods, and balancing a simple budget (TEKS 5.10). Every total computed.
✓ Answer key checked by math, never wrong
Grade 5 · Math worksheet
Name
Date
Math
Taxes, Net Income and Balancing a Budget (Grade 5, Set A)
Identify the taxes, work out net income and sales tax, pick the payment methods, and balance the budget.
- 1.Which tax is paid on the money a person earns?
- 2.Which tax is paid by people who own land or a home?
- 3.Which tax is added to the price of things you buy?
- 4.Ava earns $230 gross pay. $60 of taxes are taken out. What is Ava's net income?
- 5.Zoe earns $390 gross pay. $20 of taxes are taken out. What is Zoe's net income?
- 6.Which is larger, gross income or net income, and why?
- 7.A game costs $20 plus 10% sales tax. How much is the tax, and what is the total?
- 8.Which method of payment is paper you fill out that tells the bank to pay someone from your account?
- 9.Which method of payment lets you borrow money now and pay the bill later?
- 10.A weekly budget: income $100; expenses are rent $20, food $30 and travel $5. Do the expenses fit the income?
- 11.Using that budget, how much could be moved into savings each week and still balance?
- 12.Name one action that balances a budget when expenses are bigger than income.
Made with ChalkBee · chalkbee.com
Accuracy and sources
These references support the historical wording and answer key on this worksheet.
- Texas Education Agency, 19 TAC Chapter 111, Subchapter A (Mathematics TEKS, Elementary) — The personal financial literacy and coin concepts on these pages follow the K-5 mathematics TEKS knowledge and skills statements (K.4, K.9, 1.4, 1.9, 2.11, 3.9, 4.10, 5.10).
About this worksheet
In class: Start from a paycheck: gross is what is earned, net is what is left after taxes come out. Name the four taxes by what they are charged on (income, wages, purchases, property), then total a weekly budget and compare it to income.
This Grade 5 taxes & budgets set is free to print or save as a PDF, and its answer key is computed in code, so it is never wrong.