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LSDefine

Simple English definitions for legal terms

marriage bonus

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A quick definition of marriage bonus:

Marriage Bonus: A term used in taxes to describe the difference between the amount of income tax a married couple owes when filing a joint tax return versus the amount they would owe if they filed separately as single individuals. This difference can result in a lower tax liability for the couple, which is why it is called a "bonus." The opposite of this is called a "marriage penalty."

A more thorough explanation:

The marriage bonus is a tax benefit that married couples receive when they file a joint income tax return. It refers to the difference between the amount of income tax that a married couple owes when filing jointly and the amount they would have owed if they had filed separately as single individuals.

For example, let's say that John and Jane are married and file a joint tax return. Their combined income puts them in the 22% tax bracket. If they had filed separately, John would have been in the 24% tax bracket and Jane in the 12% tax bracket. By filing jointly, they are able to take advantage of the lower tax rate and pay less in taxes overall.

The marriage bonus is beneficial for couples where one spouse earns significantly more than the other. By combining their incomes, they can reduce their overall tax liability and keep more of their money.

However, not all married couples receive a marriage bonus. In some cases, couples where both spouses earn similar incomes may actually end up paying more in taxes when filing jointly. This is known as the marriage penalty.

Overall, the marriage bonus is a tax benefit that can help married couples save money on their taxes. It is important to consult with a tax professional to determine whether filing jointly or separately is the best option for your specific situation.

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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