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re: Got married and paycheck went up about 10% (after Taxes)
Posted on 2/7/14 at 9:21 am to Antonio Moss
Posted on 2/7/14 at 9:21 am to Antonio Moss
quote:
It really takes some backwards-arse thinking to arrive at that answer.
I guess I understand how you feel this way, but the govt and the marketplace picks winners and losers. Always has done so. This is life.
0
Posted on 2/7/14 at 9:22 am to Homesick Tiger
quote:No. Marriage is a great institution, and every state in human history benefits from this piece of civilization. Marriage should be encouraged even more than it is. It should be offered unequivocally to those who prefer to marry those of the same sex, and the black community could stand to be given a pamphlet or two on the subject.
To be fair, shouldn't a single man making 70 grand a year pay the same tax as a married man making the same amount?
Posted on 2/7/14 at 9:24 am to Turbeauxdog
quote:
Married people are penalized
Wrong.
LINK
If I'm single and I make $50,000, I am taxed at the 25% rate. However, If I am married, make the same amount and my wife/husband does not work, then I am taxed at the 15% rate. The only reason for the tax rate hike is that I am not married. Therfore, I am clearly having to pay more taxes for the sole reason that I am single.
It's even the same if I file as a head of household, meaning I have a kid to support. If I'm married, I pay 10% less in taxes. The only reason for the tax hike is that I'm single.
Marriage
quote:
even serve[s] as hedge against tyrannical government
Wrong again. Marriage creates attachment to another human being, thus making those involved easier for a government to control. e.g. "If you don't do what we say, we'll kill your wife, kid, etc."
This post was edited on 2/7/14 at 9:28 am
Posted on 2/7/14 at 9:26 am to bluestem75
quote:
Wrong
He isn't wrong. Married filing joint has two taxpayers. So the amounts earned in each tax bracket are double (for the lower brackets) As income increased the those who are married are penalized.
This post was edited on 2/7/14 at 9:27 am
Posted on 2/7/14 at 9:26 am to bluestem75
quote:
However, If I am married, make the same amount and my wife/husband does not work, then I am taxed at the 15% rate.
Yes, this is all too common.
What happens when both work? Also, I'm
at the fact that people think our government generally encourages marriage. Look beyond the income tax system, and our social and legal systems actively discourage people from getting and staying married. Posted on 2/7/14 at 9:28 am to BBONDS25
quote:
He isn't wrong. Married filing join has two taxpayers. So the amounts earned in each tax bracket are double (for the lower brackets) As income increased the those who are married are penalized.
I've run the numbers for me and my wife. If we were single, making what we are now, we would be able to keep more of our money. We are "penalized" because we are married.
This post was edited on 2/7/14 at 9:29 am
Posted on 2/7/14 at 9:29 am to ballscaster
quote:
No.
Then government is really unfair to single people. When a single man and married man go buy a product (any product you can think of) off the store shelf they pay the same price. Right? But when it comes to paying for taxes a single man pays a higher percentage of his income for that tax. Right?
That ain't justice in my opinion.
Posted on 2/7/14 at 9:29 am to BBONDS25
quote:
He isn't wrong. Married filing joint has two taxpayers
Why should two people get to file at a lower rate for the simple fact that they choose enter into a contract so that they can file together?
Posted on 2/7/14 at 9:29 am to BigJim
quote:
So take your extra money, save it, and eventually buy a house with it. Live the dream!
When this guy has his theoretical kids, I hope he pounds this little nugget of wisdom into their young skulls of mush.
Posted on 2/7/14 at 9:30 am to bluestem75
quote:
Why should two people get to file at a lower rate for the simple fact that they choose enter into a contract so that they can file together?
Wat?
Posted on 2/7/14 at 9:32 am to bluestem75
quote:
Why should two people get to file at a lower rate for the simple fact that they choose enter into a contract so that they can file together?
First of all, it isn't a lower rate/ its is exactly double...for a while...then the married couple gets penalized... but to answer your question...you are being pretty shortsighted. I wish it wasn't this way. My wife stays at home. Makes zero income. Imagine how much I would save if it worked the way you want it. She would be getting free healthcare for her and my daughter. I'm not sure what welfare checks are for mothers with no income.....I wonder if she could pay me section 8 rent?
This post was edited on 2/7/14 at 9:33 am
Posted on 2/7/14 at 9:32 am to Homesick Tiger
quote:We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.
Then government is really unfair to single people. When a single man and married man go buy a product (any product you can think of) off the store shelf they pay the same price. Right? But when it comes to paying for taxes a single man pays a higher percentage of his income for that tax. Right?
That ain't justice in my opinion.
Marriage, as an institution, serves the purpose in bold.
Posted on 2/7/14 at 9:38 am to BigJim
quote:
Because marriage is a stabilizing institution. It lowers crime and fights poverty. It's good for the people in it and good for the society it that exists in. Marriage requires you to have a long-term commitment to someone other than yourself.
This may have been true of marriage a couple decades ago but is far from reality today
Posted on 2/7/14 at 9:38 am to Tigerstudent08
quote:I assume by changing the status to married the state views your wife as a dependent. Therefore increasing your take home pay. Your withholding has nothing to do with home much total tax you pay, only how much more or less you will owe/receive on April 15.
So I changed my filing status from Single to married and my check went up about 10%.
Posted on 2/7/14 at 9:43 am to Mo Jeaux
quote:
I've run the numbers for me and my wife. If we were single, making what we are now, we would be able to keep more of our money. We are "penalized" because we are married
I do not see how this is possible. Do you and your wife make the exact same amount of money per year? I make about 2x what she makes so I can guarantee you that I will be paying less money in taxes than I was when I was single. Hence why my CPA told me to go ahead and get the legal part out of the way on December 30, 2013.
Posted on 2/7/14 at 9:44 am to BBONDS25
quote:
First of all, it isn't a lower rate/ its is exactly double
Really? Look at the charts on the Forbes link I posted. If you scroll down, you'll see a chart for "Individual taxpayers" and then "Married Taxpayers Filing Separately." A married individual filing separately gets a ton of breaks, especially the higher the income goes. Why should a married person filing spearately (as an individual) get more tax breaks than a single person? That smacks of discrimination.
This post was edited on 2/7/14 at 9:45 am
Posted on 2/7/14 at 9:47 am to Tigerstudent08
Is the marriage penalty really a foreign concept to you?
Posted on 2/7/14 at 9:48 am to ballscaster
quote:
Marriage, as an institution, serves the purpose in bold.
I agree that marriage is a great thing to promote. However, why do we have to promote it by rewarding people with money? Are people not going to get married if they do not get the tax benefit? Are people not going to have kids if they don't get the tax benefit?
Posted on 2/7/14 at 9:50 am to Mo Jeaux
But not all situations cause a marriage penalty. In some cases, filing jointly--like the example I mentioned about a couple combining their income at $50k total--would actually lower their tax rate over a single person filing at $50k.
From Wikipedia:
LINK
From Wikipedia:
quote:
Stacking Effect[edit]"Stacking effect" problems occur when two partners to a marriage have different levels of earned income, or one partner has no earned income. In this case, because of Income splitting, the greater earner gets to reduce his/her tax bracket because part of his/her income is "split" and fictionally becomes earned income of the other spouse; this is thus a "marriage bonus" for the greater earner. The lesser earner faces a higher tax bracket than s/he would being single because some of the other spouse's earned income is fictionally attributed to him/her and thus a "marriage penalty". This has an accelerating effect over time in a marriage, placing increasing incentives to allocate labor in the family such that one partner holds all earned income and the other does unpaid labor, such as childcare.
LINK
This post was edited on 2/7/14 at 9:53 am
Posted on 2/7/14 at 9:51 am to bluestem75
quote:
But not all situations cause a marriage penalty. In some cases, filing jointly--like the example I mentioned about a couple combining their income at $50k total--would actually lower their tax rate over a single person filing at $50k.
I do not disagree with this.
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