How much does a married couple with no dependents have to earn in order to PAY | TigerDroppings.com

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TDsngumbo
LSU Fan
Member since Oct 2011
5069 posts

How much does a married couple with no dependents have to earn in order to PAY


income taxes? I've never actually OWED taxes during tax time. I've always paied too much payroll taxes during the year and subsequently received a refund at tax time. However, in 2011 and now it looks like this year too (from early estimates) we will OWE taxes. We got married in 2010 and got a refund for that year.
However we paid in 2011 and it looks like we will pay again for 2012.
We claim married filing jointly on our taxes and for payroll taxes, we file as married with NO dependents.
Wife is a teacher and I earn a little less than she does so we are by no stretch rich and we certainly don't earn that much income.
What gives? Please give me your opinion because this is starting to piss me off!







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threeputt
Notre Dame Fan
God's Country
Member since Sep 2008
21743 posts

re: How much does a married couple with no dependents have to earn in order to PAY


I dunno know why but that last sentence made me LOL





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LSUSUPERSTAR
USA Fan
Arlington, TX
Member since Jan 2005
9501 posts

re: How much does a married couple with no dependents have to earn in order to PAY


You get no sympathy from me. I'm married with two kids and had to pay last year. We changed withholdings to try to break even and will still probably have to pay again this year. The thing that pisses me off is that we can't deduct all of our student loan interest. Because of how much we make, they won't let us even take the full deduction. I hate the tax man.





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Tenforty1728
LSU Fan
Baton Rouge
Member since Oct 2012
55 posts

re: How much does a married couple with no dependents have to earn in order to PAY


Not having a lot of sympathy for either of you. Everyone should have to pay something, and having a couple of kids is a personal decision with financial consequences & responsibilities. Sorry for the harsh words, but I do tax returns all day and see people in much more dire straights having to come up with money for taxes. Just a fact of life.

Suggestions would be purchase a home if you can so you can itemize your deductions. Make sure if both you and your wife work that you are taking the dependent care credit for daycare and/or aftercare for your kids. It's 20-35% of your dependent care costs depending on income level.






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Magicmikeforlsu
LSU Fan
Cenla
Member since Oct 2012
823 posts

re: How much does a married couple with no dependents have to earn in order to PAY


quote:

Suggestions would be purchase a home if you can so you can itemize your deductions.


That's a great idea until Mr. Obama does away with that also, it's just a matter of time.

A better idea is for more dependent frickers to get off their arse and pay their fair share. I'm tired of supporting people who are as capable, if not more capable, than myself. The entitlement of this country is absolutely atrocious!!!! It's time for people to get off their dead asses and get a job. Period!!!!!!!






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iwasthere
UNO Fan
New Orleans
Member since Jul 2010
1093 posts

re: How much does a married couple with no dependents have to earn in order to PAY


What can you itemize other than your mortgage interest? With your home that is.


This post was edited on 1/17 at 3:11 pm


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Tenforty1728
LSU Fan
Baton Rouge
Member since Oct 2012
55 posts

re: How much does a married couple with no dependents have to earn in order to PAY


Mortgage interest and property taxes. PMI is also deductible for 2012 and should be for 2013. You have to factor in that if your mortgage interest allows you to itemize then you are also getting a deduction for any charitable contributions and/or state income tax paid that you wouldn't have gotten using the standard deduction.





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Tenforty1728
LSU Fan
Baton Rouge
Member since Oct 2012
55 posts

re: How much does a married couple with no dependents have to earn in order to PAY


Pretty much in agreement with you here Magic Mike. I don't think that giving to charities or buying a home to help our country get out of the mortgage crisis is taking advantage by any means, but people's opposition to paying ANY tax is over the top. Strong Republican here who does not want to see taxes go up, but I understand us needing to pay them. These are the reasons people push for things like Jindal is right now, eliminating state income tax and pushing a sales tax. I don't necessarily agree, but at least everyone would be paying it.





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iAmBatman
USA Fan
The Batcave
Member since Mar 2011
3974 posts

re: How much does a married couple with no dependents have to earn in order to PAY


you do realize that payroll taxes and person income taxes are 2 separate things





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LSU6262
LSU Fan
Member since Jun 2008
2296 posts

re: How much does a married couple with no dependents have to earn in order to PAY


quote:

PMI is also deductibl


i don't think this is correct






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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4701 posts

re: How much does a married couple with no dependents have to earn in order to PAY


quote:

Mortgage Insurance Premiums

You can treat amounts you paid during 2011 for qualified mortgage insurance as home mortgage interest. The insurance must be in connection with home acquisition debt, and the insurance contract must have been issued after 2006.


IRS website







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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
22556 posts

re: How much does a married couple with no dependents have to earn in order to PAY


This is sorta on the subject- Earned income tax credit is limit for gross income or taxable income?

I know someone whose wife is pregnant with twins(they alredy have one small child) so she won't be working this year. He told me he wants to put 15k into his 401K & 4K into a HSA, so that his taxable income is $50,000 for the year & he can claim the earned income tax credits.






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krehn11
LSU Fan
IA
Member since Jul 2011
825 posts

re: How much does a married couple with no dependents have to earn in order to PAY


Change your withholdings if you want to get more back at the end of the year.

Otherwise, quit complaining. Everyone pays taxes.

ETA - not everyone, but I hate people who complain.



This post was edited on 1/17 at 4:50 pm


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LSUSUPERSTAR
USA Fan
Arlington, TX
Member since Jan 2005
9501 posts

re: How much does a married couple with no dependents have to earn in order to PAY


quote:

Not having a lot of sympathy for either of you.


I'm not looking for sympathy. We are starting to earn some good money and trying to pay down debt. What sucks is that we can't take advantage of the full deductions because we supposedly make too much.

We bought a house this year. I have a Dependent Care FSA through my work and contribute the max to that. Unfortunately, we pay more than double that for daycare for our 2 yr old.






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