Sentences with phrase «by earning spouses»

Not exact matches

But the total amount contributed by both spouses can't exceed the amount of income earned by the working spouse or the IRS limits, whichever is less.

If they were single, the high - earning spouse would lose 32 percent of her personal exemption, which would increase her taxable income by nearly $ 1,300.

Prof. Wolfson and co-author Scott Legree of the University of Waterloo have now completed a new report, called Private Companies, Professionals and Income Splitting, to consider how much income is flowing from CCPCs to spouses or adult children who are living at the same address as the company owner, which could indicate a tax - reduction strategy by splitting income with lower - earning family members.

Some of Canada's highest - earning professionals have been reaping large tax gains for decades by splitting income with their spouses using private corporations, but the practice has fallen into a «dark corner» of tax rules and has received little government scrutiny, according to a new academic study.

In general, the lower - earning spouse, usually the wife, should collect benefits early at age 62 — even though they will be reduced by 25 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

Many families «make it work» by having both parents earn incomes, while some are able to keep one spouse making money while the other cares for the kids.

When all sorts of household income are included, white lawmakers and their spouses brought in an average of $ 274,007 in 2015, double the $ 139,270 earned by their African - American colleagues and the $ 133,998 brought in by their Latino counterparts.

These numbers were slightly skewed by the fact that two white members had spouses who earned north of $ 2 million, but even if they're completely removed from the data, the new total of $ 61,807 is still double that of both Latinos and African - Americans.

The form also requires the county employee to report all sources of income above $ 1,000; all contractual arrangements that produce or are expected to produce income; and all honoraria, lecture and miscellaneous fees earned by the county employee and the spouse.

The lawyers, represented by the Public Employees Federation union, are protesting the demand, which would make public some of their and their spouses's financial details — such as the value of stock holdings, rental income or money earned from outside jobs.

However, new spouses who graduated from college before getting married typically earn more money than those who did not and can invest in their health by purchasing such things as a gym subscription or healthier, more expensive foods.

Only Robbie's Tonya Harding earns real sympathy, her bratty attitude justified by the cruelty meted out by mother and spouse and snobbiness of the skating fraternity.

If retiring teachers spend their last day on the job in a position covered by Social Security, such as janitorial or clerical work, they can get around limitations on federal retirement aid earned through their spouses and really clean up.

In community property states such as Arizona, all income earned by either spouse belongs equally to both.

Families where one spouse earns $ 100,000 and the other doesn't work would save $ 5,231 under the plan, according to estimates by the accountants at McLarty & Co..

If you don't really need to spend the money distributed from your Inherited IRA for your household expenses (your opening statement that your income for 2016 is low might make this unlikely), and (i) you and / or your spouse received compensation (earned income such as wages, salary, self - employment income, commissions for sales, nontaxable combat pay for US Military Personnel, etc) in 2016, and (ii) you were not 70.5 years of age by December 2016, then you and your wife can make contributions to existing IRAs in your names or establish new IRAs in your names.

If one spouse has higher CPP benefits and the other spouse has lower benefits (or none), this strategy can save taxes by assigning up to half the CPP income to the lower - earning spouse.

But the total amount contributed by both spouses can't exceed the amount of income earned by the working spouse or the IRS limits, whichever is less.

In addition to these complications, any income or growth earned by the TFSA after you die is fully taxable to your spouse.

The California income is reported in Iowa 100 % by the spouse who earned it.

That allowed you to collect an amount of up to half the benefit earned by your spouse or ex-spouse.

You can also earn an additional 5,000 points by adding an authorized user (such as your spouse) and making a purchase within the first three months of opening your account.

According to a survey by the National Endowment for Financial Education, 42 % of Americans confess to «financial infidelity,» which includes hiding a purchase, bank account, bill or cash from a partner and spouse or lying about the amount of debt they owe or income they earn.

States having community property rules consider everything earned by either spouse during the marriage as belonging to both spouses equally.

It had become apparent to FICO that the price for discouraging piggybacking abuse by a relative few would be the denial of honestly - earned credit history for millions of legitimate authorized users — most often the spouses of primary cardholders — who use and manage these accounts no differently than those in the primary role.

If one spouse notifies the government of the split, the CPP credits earned by both spouses during the marriage are added together and divided 50 = 50: extra credits from the higher income earner are shared with the ex-spouse.

As expected, the plan unveiled by Prime Minister Stephen Harper and Finance Minister Joe Oliver in Vaughan, Ont., allows families with children under the age of 18 to transfer as much as $ 50,000 worth of income from the higher - earning spouse to the lower - earning spouse for tax purposes starting in this year.

Note that by becoming a resident alien, your spouse's worldwide income the whole year would be subject to US taxes, and would need to be reported on your joint tax filing, though he / she will be able to use the Foreign Earned Income Exclusion to exclude $ 100k of her foreign earned income, since he / she will have been out of the US for 330 days in a 12 - month pEarned Income Exclusion to exclude $ 100k of her foreign earned income, since he / she will have been out of the US for 330 days in a 12 - month pearned income, since he / she will have been out of the US for 330 days in a 12 - month period.

In cases where both spouses have earned income, and both spouses made contributions to an IRA, the deduction for those contributions is taken by the spouse making the contribution.

Each spouse contributes labor (and in some states, capital) for the benefit of the community, and shares equally in the profits and income earned by the community.

In general, the lower - earning spouse should collect benefits early at age 62 — even though they will be reduced by 27 % or more and subject to earnings limits — and the higher - earning spouse should wait until age 70 to collect the biggest retirement benefit.

The answer will depend on such factors as how long you expect to live; the rate of return you think you can earn on your retirement investments; and, if you're married, whether you and your spouse might be able to maximize benefits by coordinating when each of you claims.

If you want to earn this status beyond the first year when sign - up bonus MQMs are no longer available, note that MQMs earned on Reserve cards are «giftable,» so you can earn the extra necessary miles by opening up a business Reserve card, or a card for your spouse, and gift the MQMs earned on that card to yourself.

• Medical expenses • Lost earnings • Lost earning capacity • Loss of consortium (filed by your spouse) • Pain and suffering

Dividing Contingency Fees in a Divorce in Arizona Under Arizona law, all income earned by either spouse during marriage is community property, to be divided between the spouses in case of divorce.

A court may order a higher earning spouse — whether husband or wife — to assist the lower earning spouse financially by making support payments during the divorce process and / or afterwards.

These include: • Medical expenses • Lost earnings • Loss of earning capacity • Pain and suffering • Emotional trauma • Loss of consortium (claim by a spouse)

[69] The burden of economic costs being a shared one, it can be misleading to represent it as simply being borne by the spouse who does not earn an income.

• Past and future medical expenses • Past and future wage loss • Lost earning capacity • Loss of financial benefits • Pain and suffering • Loss of consortium claim by your spouse

Property obtained by gift, devise, bequest, or descent and income received therefrom, unless the activities of the other spouse significantly affected the accumulation of value on or income earned from said property

Often, on applications by the lower earning spouse to increase support when their ex-spouse's income skyrockets after separation, courts might be tempted to slavishly apply the spousal support advisory guidelines but our skilled Post Separation Income Increase Spousal Support lawyers say that would be a mistake.

Courts also consider factors including whether the student loans were used for expenses that benefited both spouses (for example, living expenses), whether the degree financed with student loans is marital property according to the state's laws, and whether both spouses benefit from the earning capacity conferred by the degree.

Reimbursement support is awarded when one spouse made contributions during the marriage to the other's earning capacity, such as by supporting a spouse through graduate or professional school.

So long as an agreement between spouses meets all California legal requirements, the court will likely uphold the agreement — even if that agreement includes a waiver of support by the lower - earning spouse.

If a loved one or relative dies because of personal injury, wrongful death compensation may be given for: funeral expenses, medical expenses, future medical care, lost wages, future loss of earning capacity, pain, mental anguish, disfigurement, impairment, loss of emotional support and companionship provided by spouse or parent; and loss of household duties provided by spouse or parent.

Foley Hoag earned the 100 percent rating as a result of its commitment to four main criteria as described by the Human Rights Campaign: providing equal benefits for same - sex partners and spouses; no benefits discrimination for transgender employees and dependents; demonstrating a firmwide organizational competency on LGBT issues; and demonstrating a firmwide public commitment to the LGBT community.

(6) The contribution by one spouse to the education, training, or increased earning power of the other spouse;

(7) The extent to which the earning power, expenses, or financial obligations of a spouse will be affected by reason of serving as the custodian of a minor child;

• Medical expenses • Lost wages • Lost earning capacity • Rehabilitation expenses • Pain and suffering • Loss of consortium claim by spouse

Under the Pennsylvania support guidelines there is a calculation by which the cost of health insurance coverage is allocated between the parents or spouses in accordance with their net monthly incomes (or earning capacity if applicable).