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13 August, 13:43

Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2019 Christmas season and get married around the end of the year. In 2019, Raphael expects to earn $45,000 and Martina expects to earn $15,000. Their employers have deducted the appropriate amount of withholding from their paychecks throughout the year. Neither Raphael nor Martina has any itemized deductions. They are trying to decide whether they should get married on December 31, 2019, or on January 1, 2020. What do you recommend

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  1. 13 August, 13:50
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    It would be better to get marry on 2019 that way they will saved in income taxes $138

    Explanation:

    We have to compare their two single taxable income

    against marry filing jointly:

    Martina:

    15,000 - 12,200 standard deduction = 2,800

    It willbe taxed at 10% = 280

    Raphael:

    45,000 - 12,200 standard = 32,800

    It will be taxed 10% of 9,700 = 970

    and 12% above: (32,800-9,700) x 12% = 2,772

    total income tax for Raphael: 3,742

    Total if married in 2020: 4,022

    Jointly:

    60,000 - 24,400 = 35,600 taxable income

    it will be taxes at 10% for the first 19,400 = 1,940

    and at 12% for the above: (35,600 - 19,400) x 12% = 1,944

    Total: 3.884‬

    Difference:

    4,022 - 3,884 = 138
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