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Seniors living in Vermont can expect to pay between 3.35% and 8.75% in state income tax, but whether your Social Security benefits are excluded depends on your filing status and adjusted gross income:
Tax Filing Status Options. Tax Filing Status. Who Can Use It. Single. Not married on the last day of the tax year. Legally separated according to the laws of your state on the last day for tax year
Your filing status basically expresses how you wish to be treated by the IRS, and can determine which deductions and credits you are allowed to take, which forms you should fill out and more.
The head of household filing status was created in 1951 to acknowledge the additional financial burdens faced by single people caring for dependents. [ 3 ] [ 1 ] Consequently, it provides single parents and other people caring for qualifying dependents with a larger standard deduction and preferential tax rates compared to single filers ...
Filing as a head of household can have substantial financial benefits over filing as a single status taxpayer. As a head of household, one may obtain a more generous tax brackets and larger standard deductions. [14] There are many special rules and exceptions applicable to head of household filing status. [15]
A modified process is used in the case of children for whom Supplemental Security Income benefits are being claimed [4] (as children are not expected to work). For adults, part of the disability-determination process involves assessing the applicant's "residual functional capacity": what the applicant can do in spite of the disability. [5]
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If you get married on or before the last day of the tax year (December 31), your filing status for that year is married. However, you still need to decide between the statuses of married filing ...