I have been all over the IRS website and I can not find how much more one would receive if they were to get married and claim his wife as a dependent for the whole year of 2007 since she did not work at all? Its it a percentage? Is it flat amount? Is it based on husbands pay? Any one with the best info to help me out?? Thank you but please don't say look up the website of IRS..I have been on it for an hour and can't find any infomormation...OOh and chart if possible of what amount each deductable is would be great as well. Thanks again!
2007-10-17 10:08:04 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No Its doesn't have to do with GETTING Married..I already am and have been..This is just a general question...I am courious to understand the IRS more. Thats all!
2007-10-17 10:27:21 · update #1
When file married jointly instead of filing single, you and your spouse get more standard deduction and exemption deduction on your federal tax return.
For 2006, you are entitled to $ 10,300 standard deduction and $ 6,600 exemption to reduce your adjusted gross income. On the other hand, you would only get $ 5,150 standard deduction and $ 3,300 personal exemption if you file as a single.
Regarding the tax rate, it depends on your taxable income. I hope this answers your question.
2007-10-17 10:31:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You don't claim a spouse as a dependent, that's probably why you couldn't find what you were looking for. But if you were married and filing a joint return, you would get twice as big of a standard deduction, $10,700 instead of $5350 for just yourself. You'd also get an exemption for each of you - that's $3400 for 2007. Note that these are NOT credits, they are deductions from your income. A credit gives you dollar for dollar reduction of your taxes, down as far as zero. A deduction gives you a tax benefit that's the dollar amount times your tax bracket, so if you are in a 15% bracket you'd save 15% of the amount of the deduction.
2007-10-17 21:52:00 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
I hope you're not using this as the basis for a marriage decision...
If you get married in 2007, you can file a joint tax return for 2007 - it doesn't matter when during the year you marry. You and your spouse would each claim an exemption on the return. Your total tax is based on, among other things, your combined income, number of exemptions and other factors. There is no "lump sum" answer.
2007-10-17 17:13:58 · answer #3 · answered by npk 7 · 0⤊ 1⤋