Visit cpajournal.com to read the very latest from The CPA Journal
February 2012 » Senior Citizens and the ‘Marriage...
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Neal R. VanZante, PhD, CPA, CMA, CFM, CFE, and Ralph B. Fritzsch, DBA
A significant number of Social Security recipients face a “marriage tax” as the result of provisions within the tax code. Currently, Social Security benefits may be subject to federal income taxation based on threshold amounts that were established many years ago and that are not automatically adjusted for inflation. Because the threshold amounts for married couples are less than double the threshold amounts of single individuals, married couples often pay more tax on their Social Security benefits. The discussion below presents three simple examples of this marriage penalty and provides a recommended solution. (For a broader discussion of the tax implications of marriage, see Thomas Tribunella, Heidi Tribunella, and Laurie Phelps, “20 Questions on Marriage and Taxes: Penalties and Bonuses for Filing Status,” The CPA Journal, December 2011.)
Advertising with the NYSSCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYSSCPA members.
Stay up to date with important NYSSCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYSSCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.