62) Finally, these credits are eliminated for single taxpayers
whose adjusted gross income is $57,000 or more, and for married filing jointly taxpayers whose adjusted gross income is $114,000 or more.
99% Table 6: Simulated Tax Returns for Single Taxpayers
Panel A: Tax Returns Using 1999 Tax Rates and Rules 1999 Household Income Percentiles Information 20th 40th 60th Adjusted Gross Income $17,196 $32,000 $50,520 Exemption Amount $2,750 $2,750 $2,750 Standard Deduction $4,300 $4,300 $4,300 Tax.
As an example, let's assume the standard deduction for single taxpayers
increased to $5,100 by 2005 as a result of inflation.
The "marriage penalty" occurs because the Internal Revenue Code treats single taxpayers
and married individuals filing joint returns differently.
will receive up to $300, head of household taxpayers $500 and joint taxpayers $600.
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.
There are more single taxpayers
nowadays than married ones and this is a Chancellor who is rather good at arithmetic, particularly the electoral kind.
The top tax rate of 31 percent applies to taxable incomes over $82,150 for married taxpayers filing jointly and $49,300 for single taxpayers
Currently this credit is available for 2009 and 2010 to single taxpayers
with less than $80,000 of modified adjusted gross income and married couples earning less than $160,000.
121, up to $250,000 for single taxpayers
($500,000 for a married couple filing jointly) of gain from the sale or exchange of a qualifying property may be excluded from gross income.
If a same-sex couple was legally married in a state that recognizes same-sex marriage, but lives and files taxes in a state that doesn't, the taxpayers will file their federal return under the rules for married taxpayers and file individual state tax returns under the state's rules for single taxpayers
Two cohabitating single taxpayers
can earn $200,000 each for a total of $400,000 before reaching the threshold, while married couples will reach $250,000 sooner, which complicates the calculation of estimated taxes for married couples (explained below).