Comment on [deleted]

<- View Parent
jordanlund@lemmy.world ⁨3⁩ ⁨weeks⁩ ago

Or… just spitballin here… OR you might not know how taxes work for single vs. married.

…intuit.com/…/5-reasons-its-great-to-be-single-at…

“What are some disadvantages of single people’s taxes?

Why do single people sometimes pay more taxes? While singles may love the independence afforded by their relationship status, many single taxpayers face drawbacks in the form of:

Fewer tax breaks

Higher household expenses

Bigger rent payments

Other single-people tax disadvantages

You might end up in a higher tax bracket

Single people often face higher income tax rates than married couples filing together. Of course, this depends on your specific income level, but the respective tax brackets have much wider income ranges for married filers than singles. 

For example, single filers who make between $0 and $11,000 have a tax rate of 10%. That same rate applies to married people filing together who make up to $22,000. Single people who make $22,000 would have all income over that $11,000 threshold taxed at 12%.

You’ll have a lower standard deduction

The standard deduction is a specific dollar amount that reduces the amount of income you’re taxed.

For 2023, the standard deduction for those married filing jointly was $27,700, while for single filers, it was $13,850 for single filers. Note that the standard deduction is typically adjusted for inflation each year.”

source
Sort:hotnewtop