"If my income is 120k and hers is 25k what difference will this make in our tax bill as compared to when i was single and filing by myself?"You should look at the 1040 tax schedules and check for yourself: don't forget deductions and exemptions.Rough calculation (I haven't rechecked the arithmetic), using standard deduction and exempiions for just you and your wife:Married, filing jointly: taxes of approx. $32, 675.Married, filing separately: you would pay approx. $34, 500 and she would pay $3000 for a total of $37, 500.If you had not married (this is not a legal option): filing single, you would have paid approx $32,000, she would have paid $2657, for a total of $34,675.So file jointly and enjoy the tax benefits of marriage, and any other perks of being a newly wed.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<