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For 2023
Hypothetical and for illustrative purposes only.
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Different bracket
*Income Tax does not include payroll taxes that you likely have
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UnmmariedIncomeDeductionsTaxable Income
*Federal Income Tax
Bracket
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You$120,000$13,850$106,150$18,87624% bracket
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Partner$80,000$13,850$66,150$9,86122% bracket
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Total$172,300$28,737
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MarriedIncomeDeductionsTaxable Income
*Federal Income Tax
Bracket
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You$120,000
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Partner$80,000
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Total$200,000$27,700$172,300$28,52122% bracket
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Tax difference$215.50
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Same Bracket <35%
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UnmmariedIncomeDeductionsTaxable Income
*Federal Income Tax
Bracket
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You$120,000$13,850$106,150$18,87624% bracket
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Partner$120,000$13,850$106,150$18,87624% bracket
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Total$212,300$37,752
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MarriedIncomeDeductionsTaxable Income
*Federal Income Tax
Bracket
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You$120,000
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Partner$120,000
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Total$240,000$27,700$212,300$37,75224% bracket
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Tax difference$0.00
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One spouse doesn't work
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UnmmariedIncomeDeductionsTaxable Income
*Federal Income Tax
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You$120,000$13,850$106,150$18,87624% bracket
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Partner$0$13,850$0$0
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Total$106,150$18,876
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MarriedIncomeDeductionsTaxable Income
*Federal Income Tax
Bracket
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You$120,000
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Partner$0
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Total$120,000$27,700$92,300$10,92122% bracket
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Tax difference$7,955.00
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© Bird Spring Financial LLC 2023
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