Taxes
What % of their income, can a middle class Illinois citizen expect to pay in taxes?
~25%
3 big savings categories
Emergency Fund, Saving for big purchases, Retirement
Credit Card money comes from
The bank (a loan)
You should save ~15% of your paycheck a year for retirement
True
Rose
What is the main purpose of the IRS?
To collect federal taxes
How much should you save each year to have a comfortable retirement?
~15% of your income
Debit card money comes from
Your checking account
If you do not pay your credit card bill on time, you pay interest
True
What grocery store does lydia shop at?
Jewel
Name 2 types of common taxes on a paycheck
-Federal Income Tax
-Social Security Tax
-Medicare Tax
-ID Income Tax
A work savings account/plan (name one)
Pension, 401(k), 403(b)
Credit score range
300-900
The government will NOT return excess money in taxes to you
False! You receive a tax return
What is Lydia's favorite subject?
History
What is a withholding?
Money an employer takes out of a employees paycheck, to pay to the government.
What account can you open on your own, specifically for retirement savings?
How much interest does a credit card charge?
~15%-~30%
Can a bank take your car if you put it up as collateral for your credit card?
YES if you DONT pay!
What is lydia's dad's name?
David
Whats an example of a way to get a tax deduction/credit?
Donate to charity, bought materials for your business, Have a child, Attend school (Post-Secondary)
Why are emergency funds important
Life happens
Does a credit card have a fee just to own the card?
YES!
As a renter (of any period) you have 30 days of notice MINIMUM to move, or have a rent increase
TRUE!
What president shares the same birthday as lydia?
Barak Obama