What are the "benefits" of marriage?

Question

I get the companionship thing. I want to know specifically what tax benefits and insurance stuff. Also, is there something I don't know?

Answer 1

Another thing I know something about, (will wonders ever cease?).

You can start by adjusting your filing status on your W4 to pick up your husband and his two kids. That allows you to take 4 exemptions on the amount of money the take out of your pay check. That means you pay less tax during the year and get more money in your paycheck each week. Then when the year ends and you start compiling deductions you pick up the medical deductions for the entire family, business deduction, state and local tax deductions, and charitable deductions for the entire family. Assuming one of you is not fully employed , the other one saves by have considerably more deductions with only a slight increase in earnings. Your personal exemptions also multiply. Your tax rate chart drops in taxes owed per dollar taxable. And you become able to apply for other tax credits not taken as deductions. In short, you pay a lower rate of taxes year round.

As for insurance, you are suddenly able to be on each other's policies which makes your medical expenses more but your out of pocket expenses nonexistent. Of course, insurance premiums for medical care are deductible on your itemized return. If one of you is not working fully then the fact that yu can go on his policy of vice versa gives you the chance to get coverage at group rates which are considerably less than insurance premiums at individual policy rates.

In short it is a win win scenario as far as taxes and insurance are concerned.

On the bad side, you take on responsibility for your spouses tax returns and insurance claims. If your spouse messes up you are held responsible for the joint return.

On a side note, that is why 90% or more of all people audited are turned in by their spouses. There is a reward for doing so, but, the primary reason is divorce. It looks good to have your spouse under suspicion of federal tax avaission a crime punishable by 5-10 years and a 100,000 fine per count. Makes you want to think carefully before committing to a relationship and to document everything.

Hope this helped.

Answer 2

Tax benefits as compared to single filing are much better. Not sure of any insurance benefits, other than some companies and govt entities provide insurance benefits for spouses at a lower cost or even free. While living together saves money, the marriage benefit is much higher for taxes and ability to get the health benefits. You hear of the marriage penalty on taxes, but that is talking about someone making 100,000's of $.

Answer 3

1. Having someone you can rely on
2. Financial reasons...
a. I got married sophomore year of college. This made it MUCH easier to get financial aid, since my parents' incomes didn't count anymore
b. We were able to secure credit to buy our own home, something we would have never been able to do by ourselves.
c. Two incomes are better than one, and we could support each other while one was in school with a part time job.
d. Taxes. For some reason, married couples get taxed a LOT less than singles.
3. Your partner is recognized as "second-in-command" instead of another family member, like your mother. He can make medical decisions, for instance, should something happen to me.
4. Biological fathers aren't automatically considered legal guardians to their children, unless they ask to be. But they are if they're married to the mother!

I've only been married 4 years, but already I know it's very worth it.

Answer 4

well besides tax breaks, lower car insurance, and secondary health insurance there isn't much! LOL

No i'm kidding! there are many wonderful things about marriage! it gives a sence of companionship that is secure and that you have given your life to be shared with someone that you love.

Answer 5

Taxes, insurance, combined money, securing a future family, companionship.

Answer 6

1. You have a chance to eat someone else's cooking now and then.

2. There is someone to get another roll of toilet paper when you turn and realize your fresh out.

3. More importantly there is someone to share your day with.

4. There is someone to snuggle up to on cold nights.

Yeah I know that you can do this with a "shack up" but the most important reason is yet to come.

If children are involved, there is a better chance of security, safety, and stability when the parents are married.

Answer 7

Two people working towards common goals, companionship ,and help and support for each other. But the biggest for me anyway are my children.

Answer 8

For taxes, if you are the beneficiary, you get the tax refunds if he passes away.

For insurance, if you are a revocable beneficiary, he can change or replace you any time. When and if that happens and he passes away, you receive none of the benefits.

If you are an irrevocable beneficiary, he cannot change or replace you without your consent.

Answer 9

The shared Love and respect that married persons should have for one another is awesome. Imagine having someone that you absolutely cannot live without and that is my description of marriage and Love.

Answer 10

Having the father of your children respect you enough to make a REAL committment to you. Having your children know that. Having the father of your children LOVE THEM enough to do that. KNOWING that your children KNOW that. Having enough respect for yourself to make a REAL committment to the man you're going to give your body to. Having your children know that.
I guess I could go on...
Are you just talking about monetary benefits? I'm not sure you're ready to marry someone if that's a factor. That really shouldn't matter.