If we get married, will both of our tax brackets go to 15%?
10% (up to $7,000 single; up to $14,000 married)
15% ($7,001-$28,400 single; $14,001-$56,800 married)
25% ($28,401-$68,800 single; $56,801-$114,650 married)
2007-08-08 06:50:23 · 5 answers · asked by baby_rost 3 in Business & Finance ➔ Taxes ➔ United States
if our taxable income together stays below $50k
2007-08-08 06:54:30 · update #1
So is this right?
If we get married, my tax income bracket in my salary will drop to 15% ifboth of us combined is not over $56k?
2007-08-08 06:55:27 · update #2
Depends on what your taxable income ends up being together. If your taxable income was at the high end of the 25% bracket, then you both together would be in the 25% bracket when married. If your combined taxable income was more than $56,801 you'd both be in the 25% bracket. Which is possible, considering the upper end of the 25% for a single person is $68,800 and the upper end of the 15% for a single person is $28,400.
2007-08-08 06:53:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
For 2007, the Single tax bracket for 15% is $7,825 - $31,850 and 25% is $31,851 - $77,100. The Married Filing Jointly tax bracket for 15% is $15,650 - $63,700 and the 25% is $63,700 - $128,500.
In your example, your joint income is going to put you in the 15% bracket (definitely after you deduct for standard/itemized deduction and exemptions). This assumes that the information you provided stays pretty accurate and you do not earn too much more.
A lot of people get confused on a certain point. If you fall in the 25% bracket (or any other bracket for that matter), only those dollars in that bracket will be taxed at that rate. So if you are in the 25% bracket, you will have an amount of your taxable income taxed at 10% and 15%.
Hope this helps, good luck.
2007-08-08 08:03:22 · answer #2 · answered by NoNickname 2 · 0⤊ 0⤋
If you file a joint return and your total taxable income is below $50K, then yes, you would be in a 15% tax bracket for the two of you together.
By the way, your numbers for the brackets are a little out of date - they are higher now.
2007-08-08 06:58:21 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
YES, you are correct! As long as you file jointly and your combined income stays below $56,800
2007-08-08 06:58:26 · answer #4 · answered by AriesJWR 4 · 0⤊ 0⤋
it depends on how much the two of you make together - you put the bracket info in your question - only you know how much you two make - perhaps you should answer your own question - too bad you can't get the two points for it
2007-08-08 06:53:58 · answer #5 · answered by lancej0hns0n 4 · 0⤊ 0⤋