We describe a nice way to do it, unfortunately in words. It really needs a picture.
Put down your cardboard rectangle, one corner at the origin, the long side along the positive $x$-axis. So the corners of your cardboard rectangle are at $(0,0)$, $(0,45)$, $(45,20)$, and $(0,20)$.
Draw a $30\times 30$ square, with corners $(0,0)$, $(30,0)$, $(30,30)$, and $(0,30)$.
Draw the line that joins $(0,30)$ to $(45,0)$.
This line will meet the top side of your cardboard rectangle at $P=(15,20)$, and will meet the right side of the square at $Q=(30,10)$. Let $R=(30,0)$ and $S=(45,0)$.
All set up! Use a razor knife to cut along the line $PS$. That will slice a substantial triangle from the cardboard. Leave it in place for now.
Use the razor knife to cut straight down along $QR$. This slices off a smallish triangle from the cardboard.
Slide the big triangle upward until its top side agrees with the top line of the square. It will.
Slide the little triangle way up so that it fills in the top left corner of the square. It will.
Done, two cuts.
It is a very pretty construction, works uniformly for all rectangles that are not too skinny. If the rectangle is very skinny, a not too hard adjustment can be made.
You will have to prove that this works. Straight coordinate or similar triangle geometry.
Remark: This construction is one of the steps in the proof of the Bolyai-Gerwien Theorem (which, as is so often the case, was proved a number of years earlier by at least two other people). The result is that if $A$ and $B$ are any polygonal regions with the same area, then $A$ can be cut into a finite number of polygonal pieces that can be reassembled to maske $B$.