We have a date set for a week after the new year but wondering if it's worth moving up. I'm a student and expecting. We're trying to save for a house. We could use the money and I'm wondering how much it would be, round about. He makes about 13000/yr.
2006-12-12 11:50:38 · 3 answers · asked by jaz 1 in Business & Finance ➔ Taxes ➔ United Kingdom
If you are both working, it would be better to wait until after the new year for the wedding. The standard deduction for two single individuals are higher than the standard deduction for one married couple. If he is the only one working, then you would get to take advantage of lower tax brackets if you were filing married.
2006-12-12 12:00:22 · answer #1 · answered by jseah114 6 · 0⤊ 1⤋
If he's working and you're not, you'd end up not paying any taxes if you were married, since your two exemptions and standard deduction would wipe out any taxable income. If you wait, he'll pay about $450 in taxes, so you'd save that.
If either of you is at least 25 years old, and you were filing joint, you'd be eligible for another $84 or so in Earned Income Credit - as a single person, he'd be over the limit to claim anything on EIC. So your total savings would be about $534 by moving up the date to no later than December 31.
Good luck.
2006-12-12 12:29:39 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
you would gain about $900. if that is all to be taken into it.
I do not know what your tax is like alone but saying you get nothing back is what I used.
best thing is get last years tax form and figure it out using single and married figures
2006-12-12 11:57:15 · answer #3 · answered by G L 4 · 0⤊ 0⤋