Budgets Flashcards

1
Q

Who can fill out a 1040EZ?

A

No dividends or interest, no other investment accounts

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2
Q

How long can you be claimed as a dependent?

A

Up to 24 YO as long as you’re a student

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3
Q

When are most individual federal tax returns due?

A

April 15th

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4
Q

What is the penalty for filing late?

A

5% for each month, up to 25%

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5
Q

How long does a filing extension last?

A

6 months

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6
Q

What is the 1040A for?

A

People who have extra income from investments

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7
Q

What is the 1040/long form for?

A

Itemized deductions like tuition

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8
Q

How much should you expect to lose to taxes?

A

Varies depending on where you live and your income; about 25%

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9
Q

What percentage of young adults pay their monthly bills on time?

A

58%

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10
Q

What percentage of college students leave school because of money?

A

42%

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11
Q

What percentage of college students were able to save money by… reducing spending?

A

73%

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12
Q

More work/earnings?

A

48%

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13
Q

Tax credits/deductions?

A

43%

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14
Q

Living at home?

A

43%

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15
Q

Accelerated class schedule?

A

30%

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16
Q

Early loan payments?

A

23%

17
Q

Less expensive classes?

A

23%

18
Q

Part-time classes?

A

16%

19
Q

Joining the military?

A

4%

20
Q

What percentage of net pay should go to… food?

A

5-15%

21
Q

savings?

A

5-10%

22
Q

housing?

A

25-35%

23
Q

utilities?

A

5-10%

24
Q

transportation?

A

10-15%

25
Q

clothing?

A

2-7%

26
Q

medical bills?

A

5-10%

27
Q

debts?

A

5-10%

28
Q

other personal expenses?

A

5-10%

29
Q

How does the Allocated Spending Plan work?

A

Make a list of all expenses, create a column for each week, put your paycheck at the top representing available money, allocate expenses based on your payday and the bill’s due date

30
Q

How does Irregular Income Planning work?

A

If your income changes all the time, make a list of your expenses with the most important at the top. Continue making a list of expenses with a cost from most important to least important until you run out of money.

31
Q

How much of their income do college students blow?

A

40%

32
Q

How much of their income do college students spend on tuition?

A

19%

33
Q

How much of their income do college students spend on housing?

A

26%

34
Q

How much of their income do college students spend on transportation?

A

3%

35
Q

What is the standard federal deduction for an unmarried individual?

A

$12,000

36
Q

What is the standard NC state deduction for an unmarried individual?

A

$8,750