Same Sex Returns vs Marriage Penalty

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    Topic
  • #183304
    san4596
    Member

    Anyone notice that the year Obama pushes the federal gov’t to recognize same sex marriage by filing MFJ/MFS returns for those married in a state within the US is when marriage penalties hit due to Obamacare? Specifically, the additional Medicare tax of 0.9% on MFJ income above $250K, whereas the 0.9% additional tax for a single filer applies to income above $200K.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

Viewing 15 replies - 1 through 15 (of 90 total)
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  • #507369
    Gatorbates
    Participant

    Did not realize that, but great observation. Another subtle tax on the rich, that's buried behind all this gov't bureaucracy. Net effect on this one though, probably won't cause much hub bub, since it only really affects those making bank …

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #507422
    Gatorbates
    Participant

    Did not realize that, but great observation. Another subtle tax on the rich, that's buried behind all this gov't bureaucracy. Net effect on this one though, probably won't cause much hub bub, since it only really affects those making bank …

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #507371
    mla1169
    Participant

    But if they're legally married they SHOULD take the same hit any other married couple would. Equal means equal even when it sucks.

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    #507424
    mla1169
    Participant

    But if they're legally married they SHOULD take the same hit any other married couple would. Equal means equal even when it sucks.

    FAR- 77
    AUD -49, 71, 84
    REG -56,75!
    BEC -75

    Massachusetts CPA (non reporting) since 3/12.

    #507373
    Gatorbates
    Participant

    Watch your puns mla 😉

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #507426
    Gatorbates
    Participant

    Watch your puns mla 😉

    Licensed Florida CPA:
    B: 71, 73, 79
    A: 83
    R: 78 (expired), 77
    F: 74, 74, 80

    It's finally freaking over.

    #507375
    san4596
    Member

    There are a few more marraige penalties:

    Phase out of Personal & Dependency Exemptions:

    $300K MFJ/$250K Single

    Limitation on Itemized Deductions:

    $300K MFJ/$250K Single

    3.8% Medicare tax on Unearned income

    AGI avbove $250K MFJ/$200K Single

    39.6% Marginal Tax Rate on income above

    $450K MFJ/$400K Single

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #507428
    san4596
    Member

    There are a few more marraige penalties:

    Phase out of Personal & Dependency Exemptions:

    $300K MFJ/$250K Single

    Limitation on Itemized Deductions:

    $300K MFJ/$250K Single

    3.8% Medicare tax on Unearned income

    AGI avbove $250K MFJ/$200K Single

    39.6% Marginal Tax Rate on income above

    $450K MFJ/$400K Single

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #507377

    Lord help me I pray I passed REG…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    #507430

    Lord help me I pray I passed REG…

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    #507379
    tough_kitty
    Member

    san4596: Didn't you know? Taxes and politics are collerated….

    Per Roger CPA Review – congressmen own 2 residences, hence the tax break for 2 houses…. while there is no tax deduction on vehicles because they have cars provided to them free of charge…….

    FAR: 81 (May 2013)
    BEC: 81 (July 2013)
    REG: 83 (August 2013)
    AUD: 82 (November 2013)
    California CPA since 1/30/14

    #507432
    tough_kitty
    Member

    san4596: Didn't you know? Taxes and politics are collerated….

    Per Roger CPA Review – congressmen own 2 residences, hence the tax break for 2 houses…. while there is no tax deduction on vehicles because they have cars provided to them free of charge…….

    FAR: 81 (May 2013)
    BEC: 81 (July 2013)
    REG: 83 (August 2013)
    AUD: 82 (November 2013)
    California CPA since 1/30/14

    #507381
    san4596
    Member

    Kitty – I know many people who are not wealthy that have a beach cabin or lake house along with their permanent residence. Still, you are probably right that it was because Congressmen think more for themselves than us. You did make an incorrect statement regarding a tax deduction on vehicles. In the year of purchase, you can deduct the vehicle sales taxes on top of your standard sales tax deduction if you itemize.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #507434
    san4596
    Member

    Kitty – I know many people who are not wealthy that have a beach cabin or lake house along with their permanent residence. Still, you are probably right that it was because Congressmen think more for themselves than us. You did make an incorrect statement regarding a tax deduction on vehicles. In the year of purchase, you can deduct the vehicle sales taxes on top of your standard sales tax deduction if you itemize.

    CPA EXAM: DONE!!!!
    Ethics Course: Passed
    Application Mailed: 3/16/15
    Professional Conduct Exam: 97
    Certification Date: 4/2/15!!!

    #507383
    tough_kitty
    Member

    Well, that's a very small amount and it's only IF you itemize….which most people don't do if they don't own a house…. To be honest, I forgot the way Roger said it but it was something to do with cars….

    FAR: 81 (May 2013)
    BEC: 81 (July 2013)
    REG: 83 (August 2013)
    AUD: 82 (November 2013)
    California CPA since 1/30/14

Viewing 15 replies - 1 through 15 (of 90 total)
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