Budgets

Question 1

Who can fill out a 1040EZ?

Answer 1

No dividends or interest, no other investment accounts

Question 2

How long can you be claimed as a dependent?

Answer 2

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

Question 3

When are most individual federal tax returns due?

Answer 3

April 15th

Question 4

What is the penalty for filing late?

Answer 4

5% for each month, up to 25%

Question 5

How long does a filing extension last?

Answer 5

6 months

Question 6

What is the 1040A for?

Answer 6

People who have extra income from investments

Question 7

What is the 1040/long form for?

Answer 7

Itemized deductions like tuition

Question 8

How much should you expect to lose to taxes?

Answer 8

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

Question 9

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

Answer 9

58%

Question 10

What percentage of college students leave school because of money?

Answer 10

42%

Question 11

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

Answer 11

73%

Question 12

More work/earnings?

Answer 12

48%

Question 13

Tax credits/deductions?

Answer 13

43%

Question 14

Living at home?

Answer 14

43%

Question 15

Accelerated class schedule?

Answer 15

30%

Question 16

Early loan payments?

Answer 16

23%

Question 17

Less expensive classes?

Answer 17

23%

Question 18

Part-time classes?

Answer 18

16%

Question 19

Joining the military?

Answer 19

4%

Question 20

What percentage of net pay should go to… food?

Answer 20

5-15%

Question 21

savings?

Answer 21

5-10%

Question 22

housing?

Answer 22

25-35%

Question 23

utilities?

Answer 23

5-10%

Question 24

transportation?

Answer 24

10-15%

Question 25

clothing?

Answer 25

2-7%

Question 26

medical bills?

Answer 26

5-10%

Question 27

debts?

Answer 27

5-10%

Question 28

other personal expenses?

Answer 28

5-10%

Question 29

How does the Allocated Spending Plan work?

Answer 29

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

Question 30

How does Irregular Income Planning work?

Answer 30

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.

Question 31

How much of their income do college students blow?

Answer 31

40%

Question 32

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

Answer 32

19%

Question 33

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

Answer 33

26%

Question 34

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

Answer 34

3%

Question 35

What is the standard federal deduction for an unmarried individual?

Answer 35

$12,000

Question 36

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

Answer 36

$8,750