FICEP test 2 2024/2025 updated Questions And Answers 100% correct Verified

when dealing with finances-brainstorm with everyone in the household (buy-in) - do not try to control spouse's financial behavior - focus on goals progressive taxfederal and state income tax- if income increases, so does tax regressive taxcharge the same % of an item's cost, regardless of income (gas, liquor) flat or leveleveryone pays the same percent of income you have to file tax returns with the IRS unlessyou owe n tax or are due a refund types of tax assistancelocal IRS office (free), TCE- tax counseling for the elderly (cannot have more than $25,000 unsecured debt) (earned income tax credit was created to give lowincome taxpayers additional credits- just fill out tax return) always encourage members to pay downDEBT, especially if wage garnishment is threatened taxable income does NOT includechild support payments, distributions from a Roth IRA (does include dividends, interest income from bonds and distributions from a traditional IRA Roth IRAyou can do catch-up contributions or withdrawal before the minimum age for higher education expenses minimum age to withdraw from a traditional IR