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re: Just married- tax edition
Posted on 6/7/16 at 9:25 am to SCndaBR
Posted on 6/7/16 at 9:25 am to SCndaBR
I would keep single and 0 at least until you get 1 full year without anyone in school. Then you can see what a "stable" year looks like and decide if you want more on your paycheck or more of a "refund".
1
Posted on 6/7/16 at 9:48 am to seawolf06
I am having a lot of trouble following this thread. Why would he "owe more" just because he got married?
If his wife is barely earning anything yet he stills gets her standard deduction and personal exemption, I struggle to see how his effective tax rate goes up during the year. What am I missing here?
The tax brackets adjust for single vs. married filing jointly are quite different.
If she is a full-time student, she might be earning 25-30k which puts him around $80k ("$50k more than her")...combined $110k? The OP should provide more detail here.
Again...I struggle with understanding why their tax liability would go up by filing married jointly.
ETA: Filing and Withholding are two very different things...maybe that is where some confusion exists?
It is pretty easy to forecast your tax liability by filing married jointly and forecast your current withholding rates for the remainder of the year. If there is a shortage/overage then adjust accordingly.
If his wife is barely earning anything yet he stills gets her standard deduction and personal exemption, I struggle to see how his effective tax rate goes up during the year. What am I missing here?
The tax brackets adjust for single vs. married filing jointly are quite different.
If she is a full-time student, she might be earning 25-30k which puts him around $80k ("$50k more than her")...combined $110k? The OP should provide more detail here.
Again...I struggle with understanding why their tax liability would go up by filing married jointly.
ETA: Filing and Withholding are two very different things...maybe that is where some confusion exists?
It is pretty easy to forecast your tax liability by filing married jointly and forecast your current withholding rates for the remainder of the year. If there is a shortage/overage then adjust accordingly.
This post was edited on 6/7/16 at 9:51 am
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