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Did you get married in the last year Happy? (If so congrats).
I got married in May 11' so our last return was the first return ive done as a married couple.
Our effective rate was 10%, so I would envision your's coming down quite a bit, plus with your kids, that will lower it even more.
25% seems high. Is that state and fed or just fed?
You don't have to answer if you don't want, after all this is your business and not anyone else's.
EDIT - I should note that based on the numbers in your link, my Household Income would fall into the 25% rate, but we paid nowhere near that. And the only write off was the interest on my wife's student loans.
So why do married folks pay a lower effective rate than a single person when it's harder to live as a single person?
So if I make $120k and marry someone making another $75k, my effective rate will be LOWER?
That's a very serious wtf....
Does your wife work? yep, I'm nosey!
__________________ "No one walking this earth knows what is truly righteous"
Last edited by PatriotsReign; 09-24-2012 at 06:21 PM..
A while back, there was this huge hew and cry about a "marriage penalty."
That meant that sometimes two high earners would end up paying more by being a power couple.
And so the law was handed down from on high: Married people may file singly. Of course single people can't file married. Perish the thought!
Well, my funny little honey has nothing to do all day but anticipate what will make me happy. She doesn't earn anything.
By and large, from previous conversations, I think you and I make about the same amount.
Now, look at what it costs you in federal taxes to make that on your own.
Now look what it costs to make that as a married couple.
That second number is us.
Now I will say, it's really not worth it just for the tax break. But if you've never looked into just how sizable the tax break is, you should be up in arms.
The tax code encourages some behaviors and discourage others. So, for some reason, we like people getting married. ::shrug:: Okay. I'm married. For some reason, we like people buying homes. ::shrug:: Okay, bought a home.
The marriage turned out okay, the home not so much