The married filing jointly tax brackets are the total of all tax brackets for single and married taxpayers. This article defines what these tax brackets are, how they differ from each other, and which ones you should choose for your situation.
What is the Married Filing Jointly Tax Bracket?
Married couples who file jointly are generally taxed at a lower rate than those who file separately. The married filing jointly tax bracket is currently set at 10% (up from 8.75%), while the married filing separately tax bracket is 15%. However, there are some exceptions to these brackets. For example, if you are unmarried and your spouse files jointly with you, your combined taxable income will be above the joint filing threshold and you will be taxed at the higher joint bracket of 25%.
How Many Tax Brackets Are There?
There are currently six tax brackets in the United States: 10%, 15%, 25%, 28% 33%, 35%. However, this number may soon change. The Republican Party has proposed to reduce the number of tax brackets from six to three: 10%, 25% and 35%. Under this proposal, the top marginal tax rate would be lowered from 39.6% to 33%. This change would have a significant impact on taxpayers at all income levels.
Under current law, married couples filing jointly are classified as being in the 33% tax bracket. If the Republican proposal were to become law, this would change to the 25% bracket. This means that a married couple earning $75,000 would see their taxes increase by $3,750 (from $39,600 to $42,500). A married couple earning $150,000 would see their taxes increase by $10,500 (from $86,250 to $109,000). These changes could have a major impact on families budgeting and planning for future costs.
It is important to note that these proposals are still in development and may not be implemented as planned. It is also worth noting that there are other factors that can impact your taxes including your income level and deductions you take. If you have any questions about how these changes might affect you or your family please don’t hesitate to contact one of our experts at [contact info].
How Do I File as Married?
When you file your federal income tax return as married, you and your spouse are considered to be filing jointly. This means that your tax bracket will be different from each other’s. The following table shows the married filing jointly tax brackets for 2019. filemytaxesonline.org
Income Tax Bracket Single $0 – $9,525 $10,526 – $39,475 $40,476 – $89,375 Married filing jointly (both spouses filers) $19,050 – $77,950 * $78,951 – $119,350 *
*Married couples who file a joint return and have qualifying children may be subject to an additional 3% surtax on their income above the applicable tax bracket.
Can I Switch Tax Brackets?
If you are married filing jointly, your tax bracket is the same as your spouse’s. This means that if your spouse is in the 10% tax bracket, you will also be in the 10% tax bracket. If your spouse is in the 25% tax bracket, you will also be in the 25% tax bracket.
Conclusion
So you’ve decided to get married! Congratulations! Now, the question is: What filing status should you choose? If you are married and file jointly, your tax bracket will be lower than if you filed as individuals. Here are the married filing jointly tax brackets for 2017:
If you are unmarried but living together and qualify for head of household filing status, your tax bracket will be higher than if you filed as an individual. Head of household is a special category that allows unmarried couples who live together to file their taxes as a single unit. The benefits of head of household filing status include having more deductions and credits available to them, paying reduced taxes on income, and not having to pay Social Security taxes on their partner’s earnings.
