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If you're planning a wedding in the near future, or already walked down the aisle in 2021, you may be wondering how your new marital status will affect your income tax filings for April 15, 2022.
In the most extreme case, two single people who each earned $400,000 would each pay a marginal tax rate of 35%; but if those same two people filed as "Married, filing jointly" then their combined income would be exactly the same (2 * $400,000 = $800,000), yet $350,000 of that income would be taxed as the higher 39.6% rate, resulting in a ...
Of course, you marry for love...but the financial benefits of marriage are nice, too. Whether you're a newlywed or you've reached your golden anniversary, there are a number of money-saving ...
For example, if you tied the knot at any time in the past and were still married on Dec. 31, 2020, you were married to your spouse for the entire tax year in the eyes of the IRS.
Employee contribution limit of $23,000/yr for under 50; $30,500/yr for age 50 or above in 2024; limits are a total of pre-tax Traditional 401(k) and Roth 401(k) contributions. [4] Total employee (including after-tax Traditional 401(k)) and employer combined contributions must be lesser of 100% of employee's salary or $69,000 ($76,500 for age 50 ...
Marriage penalty/bonus; Changing beneficiaries in a retirement plan or waiving the joint and survivor annuity form of retirement benefit requires written spousal consent; Wages can be garnished at a maximum of 60% (instead of the normal 25% limit) if the garnishing is for alimony or child support
But that amount may differ based on your age and current financial circumstances as well as the annual 401(k) contribution limit. ... tax bracket (married filing jointly) with $80,000 in taxable ...
Maxing out a 401(k) plan is a tall order. This year, that requires you to contribute $23,000 if you're under the age of 50, or $30,500 if you're 50 or older. In 2025, 401(k) limits are going up.