For single taxpayers
, the phaseout range began at $118,000 and ended at $133,000; for married filing jointly, the range was $ 186,000-$ 196,000, again giving a significant advantage to those who were single.
The base amount used to figure the credit must also be reduced: (1) for nontaxable pension or disability benefits received under social security, railroad retirement and certain other nontax laws; and (2) by one-half of the amount by which adjusted gross income exceeds $7,500 for single taxpayers
, and $10,000 for married taxpayers filing jointly.
(42) As was last year, single taxpayers
with an adjusted gross income (AGI) of $65,000 or less and married filing jointly taxpayers with an AGI of less than $130,000 will be able to deduct $4000 for higher education tuition and fees.
If the country does not differentiate in a provision between married and single taxpayers
, then this is indicated by the phrase "No difference between married and single taxpayers
Rates for single taxpayers
are higher than those for marrieds, whether you file jointly or married filing separately.
The simulated tax returns for single taxpayers
are shown in Table 6.
And the maximum taxable income subject to the 10% tax rate has increased to $7,000 for single taxpayers
and married taxpayers filing separately ($14,000 for married taxpayers filing jointly and qualifying widowers).
New Jersey had six rates that topped out at 6.37 percent for single taxpayers
making more than $75,000.
Phasing in over the next several years, this Act offers a handful of provisions that will alleviate the marriage tax penalty; provisions that will effectively treat married filers the way they treat two single taxpayers
. This article discusses some of its key provisions.
Taxpayers (6) that are affected by the marriage relief provisions generally fall into two categories: single taxpayers
and married individuals filing joint returns.
A new 10 percent tax bracket applies to taxable income up to $6,000 for single taxpayers
, $10,000 for head of households and $12,000 for joint returns retroactive to January 1, 2001.
4810 would 1) raise the standard deduction for married couples who file jointly to twice the amount for single taxpayers
, and 2) allow more couples to become eligible for the earned income tax credit.