Author Topic: How Would Marriage Affect my Taxes?  (Read 2731 times)

Slowtraveler

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How Would Marriage Affect my Taxes?
« on: April 25, 2019, 03:42:43 AM »
I've been projecting what would happen tax wise if I got married to this amazing woman who's captivated my heart. We live abroad but could possibly end up back in the states, unlikely though. My projections are below for married vs single and Cali vs abroad for a hypothetical situation to better understand what would happen. Feel free to ask how I got my numbers for any of the numbers below.

My biggest confusion is regarding FICA taxes. Online FICA calculators say my FICA taxes wouldn't increase but based on my readings of tax documents, my maximum owed SS taxes would increase. One individual would be earning the income but I don't think this matters since b be earning as a unit if we filed married filing jointly. I also am quite sure my FEIE would double.

The numbers below include a 12000 standard deduction per individual and maxing a 401k for one person (19000). I don't think being married allows one to double their 401k contribution if their spouse isn't working at the same company.

*All numbers are hypothetical and necessarily my actual numbers.

                                           Keep under 250 or extra .9% tax   
Abroad     Single   MFJ   
Income   157040   157040   250000
FEIE   103900   207800   207800
Roth          6000       0                12000
FICA   10237.88   12013.56   19125
Taxable Inc   22140   0   0
Taxes Owed    5313.6   0   0
Total Tax   15551.48   12013.56   19125
         
Cali           Single   MFJ   
Income   157040   157040   
Federal   24539   16968   
Roth    6000   11000   
FICA   10237.88   12013.56   
H Insur   2000   4000   
Cali Taxes 9682   6526   
Total Tax   44458.88   35507.56   
« Last Edit: April 25, 2019, 08:12:20 AM by Slowtraveler »

gocurrycracker

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Re: How Would Marriage Affect my Taxes?
« Reply #1 on: April 25, 2019, 07:45:06 PM »
With one earner, neither FEIE nor FICA change.

You can use any online tax calculator to see the $ differences.
I like this one:
http://www.moneychimp.com/features/tax_calculator.htm
« Last Edit: April 25, 2019, 11:36:33 PM by gocurrycracker »