 Why do so many people want to punish the rich with heavier taxes? |
| The rich provide most of the jobs that these very people are employed in; if they are taxed too heavily, they will simply take their business elsewhere, and these very same people will be out of a ... |
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 I babysit to earn enough money for groceries. Do I have to pay the irs tax on my grocery money? |
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 How much tax will I pay with 2 jobs? |
| Hello..I would like to know how much tax will I pay if I get myself another job..right now I'm on part-time job wich is about 40 hours weekly...I want to get another job..say about 20 hour per ... |
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 Why should we have to pay taxes ? |
why should we have to pay taxes ?
after you work all your life and buy a home you have to pay the government taxes just for owning it... its an illusion you never really own anything you just ... |
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 Why are the most productive people taxed the most? |
And the least productive people taxed the least (or not at all)?
Does this make any sense to anybody but a communist?
Additional Details
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Ok....
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South Shore | Tax Question: My wife doesn't work - so what should I do? |
My wife is a stay at home mom with no income. I also have 2 young kids. I work full time. Next year, should I file my taxes "Married filing jointly" or Married filing separately" ?? Not sure what the benefit would be with either.
I live in Massachusetts, have a college loan I'm paying back, some IRAs and 401ks too. We own a house and some stock - FYI. |
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abizzell4hire
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I wouldn't ask the bunch of folks here on Y/A!, but there's no reason to file separately. If you file separately, you lose all child tax credits and such. Her not working will only decrease the amount of taxable income and possibly (depending on your income) increase and tax credits you would normally receive. |
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ranger_co_1_75
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Married filing jointly would have the best tax rates for you. |
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growing inside
 |
Married filing jointly. That way her deduction will count against your income. |
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Judy1
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File jointly, ir's much better for you than filing separately. It doesn't matter than one of you made all of the income. You get an exemption and a standard deduction for each of you that way.
A couple of the responders above are clueless. |
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rajas203
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Married filing jointly will be the best option. You're gettign deductions for your wife without any additional income. |
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Worldly25
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Married filing jointly. Gives you for deductions. More money in your pocket. |
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Doctor Deth
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You should ALWAYS file Married joint in a situation like that - if yu are in the 25% tax bracket, you save at least $2000 a year in fed inc tax by filing joint vs separate |
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San
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Do your taxes on line like tax act. at the very end it will show you what you are better off doing. Most likely married filing jointly |
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chatsplas
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Check it out both ways, but almost always more favorable to file MFJ than MFS. Wife has no income, so filing jointly you get your exemption, hers, and two kids. MFS means you're NOT eligible for credits such as EITC or child tax credit. Student loan interest has positive tax impact, and tax year contributions to 401k are great as they reduce your taxable income, gain matching employer money, and build for your future. Just don't take out the money before age 581/2.
Despite Yahoos Advice: A husband can NEVER take his wife as a dependent, but filing jointly gets the benefit of her exemption, and boost to filing status, both of which reduce taxable income. |
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travelguruette
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joint. If you file separately you pay higher taxes and lose many credits. |
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v b
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This is so incredibly simple.
If you file MFJ, you get a married standard deduction ($10,900) and you can claim all 4 exemptions ($14000). The tax rate is generous--each tax bracket is double that for single. Your 2 young children get you $1000 each in child tax credit and if your income is low, make you eligible for EIC.
If you file MFS, the standaryou get a MFS deduction (same as single) of $5450. You still get all 4 exemptions (because your wife had $0 income) of $14,000. But you get the same tax brackets as single, so the tax rate goes up. You don't get to deduct the interest on your student loan as the law limits many credits to $0 if you file MFS. If you have low income, you can't claim EIC.
So, yes, you have two official ways to file, but in your case MFJ is going to win hands down. |
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Jss
 |
By filing married jointly, your refund will increase by many thousands of dollars as compared to filing separate return.
You can file as married filing jointly (MFJ) or married filing separately. In most cases, it is better to file as MFJ. Read http://taxipay.blogspot.com/2008/02/filing-status-for-married.html |
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Kal-El
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You need to file jointly because you can claim your wife as a dependent as well as the two kids. You can also write of a your interest for the loans provided you itemize.
I also have a wife that does not work and we made out pretty well last year. -( By the way, I work in MA and live in NH, so I get hit with the MA income tax as well---DOH!)
By the way, the person about is wrong- you can file jointly. Just because she doesn't have an income doesn't mean she can't file with you as a couple. In fact it helps you because it brings down your total household income. I hate when people answer and have no clue what they are talking about! |
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Kel79
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Married filing jointly, I am a stay at home mom also and that is the way that we went last year. |
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dart
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Married, filing jointly, and she becomes a de
pendent. But check with a CPA to be sure. And fill out the long form...and all the schedules that go with it. You'll definitely need an A, B for interest and dividends. I think you should probably call an accountant to be sure you know what you are doing. Once you have done it with an accountant once, you might be able to do it for yourself, but it IS nice to know that should the government come after you for anything, there is someone there to advise and stand by you. (We use HR Block, even though I think we still do all the work!) |
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