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LSDefine

Simple English definitions for legal terms

singles' penalty

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A quick definition of singles' penalty:

Singles' Penalty: A term used in taxes to describe the difference between the amount of income tax a married couple filing a joint return owes and the greater amount they would have owed if they were single and filed separately. This is also known as a marriage bonus. The singles' penalty refers to the higher tax rate that unmarried individuals pay compared to married couples filing jointly.

A more thorough explanation:

Definition: The singles' penalty, also known as the marriage bonus, is a tax term that refers to the difference between the reduced income-tax liability owed by a married couple filing a joint income-tax return and the greater amount they would have owed had they been single and filed individually.

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, and they owe $10,000 in federal income tax. If they were single and filed separately, John would owe $6,000 and Jane would owe $4,000, for a total of $10,000. However, because they are married and filing jointly, they receive a tax break and only owe $8,000. This $2,000 difference is the singles' penalty.

Explanation: The example illustrates how a married couple can benefit from filing a joint tax return and receiving a tax break, which reduces their overall tax liability. However, if they were single and filed separately, they would owe more in taxes, resulting in a singles' penalty.

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Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
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
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