Sentences with phrase «earning spouse makes»

When the higher earning spouse makes an RRSP contribution, he or she is effectively reducing his or her taxable income (because the amount you contributed doesn't count).

Not exact matches

As for my own kids, when they approach marriage, I'll be consulting them to make it clear to them that they MUST have a pre-nup if they believe that they will at any time earn more than their spouse.

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.

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.

This makes sense when the income earned in the business is taxed at a higher rate than the spouse / child would pay personally, reducing the overall tax bill.

If you make contributions to a complying superannuation fund or a retirement savings account (RSA) on behalf of your spouse (married or de facto) who is earning a low income or not working, you may be able to claim a tax offset.

A Spousal IRA is designed to allow a married person to make an IRA contribution for their spouse who may not have earned income.

Set up a spousal RRSP The usual strategy is to set up a spousal RRSP account in the name of the lower - earning spouse, and have the higher earner make the contributions.

The wealthy know that while it may seem natural for the main breadwinner to do the investing, if the investments are made (and taxed) in the name of the lower - earning spouse, the returns are taxed at a lower rate.

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.

Answer: The money contributed to an IRA doesn't have to be earnings, necessarily, but your friend or his spouse must have income earned from working to make an eligible contribution.

Instead, the higher - earning spouse should cover all the day - to - day family expenses, like buying groceries and paying the heating bill, so the lower - income spouse can make the investments.

If you are a homemaker, or earn less income than your spouse, it may make sense to get legal representation.

However, if you have earned income and your spouse or common - law partner will be under 72 at the end of the year, you can still make a contribution to his or her plan, even if you're 72 or older.

So if both spouses will be older than 50 at the end of 2013, the working spouse would have to earn taxable income of $ 13,000 or more to make two maximum IRA contributions ($ 12,000 if only one spouse is age 50 or older at the end of 2013, $ 11,000 if both spouses will be younger than 50 at the end of the year).6, 9

If neither the individual nor their spouse has access to an employer's plan, a contribution to a Traditional IRA may make sense, as it will be fully deductible no matter how much they earn.

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.

To be eligible to contribute to a Traditional IRA, you or your spouse must have earned income — wages — and you can't make regular contributions in the year you reach 70 1/2 and older.

If you are still earning income and have a spouse younger than 72, you can also make spousal RRSP contributions to his or her RRSP.

It also may not make sense to divide expenses 50/50 if the one spouse earns significantly more than the other.

If your spouse earns less than $ 37,000 pa and you make a contribution to their super, you can claim a tax offset equal to 18 % of the contributions, up to $ 540.

Still, in most cases, the higher - earning spouse should still make his or her full RRSP contribution, even at the expense of the tax cut.

If you do have that person that makes a lot less income or no income, make sure you don't miss out on IRA and Roth contributions because that person who doesn't earn anything can actually qualify for the working spouse's income and a lot of people miss that opportunity and go years without contributions that they were eligible for.

Yes, your spouse would earn miles when making purchases through your AA Shopping account.

For example, federal law allows a working spouse to make an IRA contribution on behalf of a spouse without earned income, effectively doubling the maximum IRA contribution (the working spouse can put in $ 5,500 for themselves [or $ 6,500 if over age 50] plus $ 5,500 [or $ 6,500] on behalf of their spouse).

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.

From what I gather, a worker earns 4 credits a year if they make over $ 5000 a year, so my spouse would have had 6 years (24 credits).

Yes, your spouse would earn miles when making purchases through your AA Shopping account.

So having a different Amex card / bonus is OK, but you can only earn the bonus on the Starwood card once (though you could also get it on the business version of the card, a spouse could earn it on a personal card of their own, etc.) Hope that makes sense, and hope you'll consider joining our challenge / FB group!

The ability to earn 5x points on purchases from bonus categories, and then transfer those points to a Tier 2 account belonging to you or your spouse / domestic partner, makes Chase Freedom much more compelling than a simple cash back card.

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.

Whichever spouse has lesser earning capacity and less property may be entitled to a bigger share of the marital property, because the other spouse will have an easier time making a fresh start.

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.

Whilе thеѕе factors vary bу state, ѕоmе оf thе common considerations аrе thе length оf thе marriage, thе contribution thаt еасh spouse made tо thе marriage, thе health оf thе parties, thе age оf thе parties аnd thе earning capacity оf thе parties.

Spousal support is a payment that is made from a higher earning spouse or former spouse to a lower earning or non-earning spouse or former spouse.

MacLean Law Vancouver Imputed Income Support Lawyers have the expertise to help make sure that appropriate income is imputed to your spouse, where necessary, to ensure that they are paying support based on their earning capacity, if greater than their actual income.

In determining the amount and duration of maintenance the court shall consider: (A) the income and property of the respective parties including marital property distributed pursuant to subdivision five of this part; (B) the duration of the marriage and the age and health of both parties; (C) the present and future earning capacity of both parties; (D) the ability of the party seeking maintenance to become self - supporting and, if applicable, the period of time and training necessary therefor; (E) reduced or lost lifetime earning capacity of the party seeking maintenance as a result of having foregone or delayed education, training, employment, or career opportunities during the marriage; (F) the presence of children of the marriage in the respective homes of the parties; (G) the tax consequences to each party; (H) contributions and services of the party seeking maintenance as a spouse, parent, wage earner and homemaker, and to the career or career potential of the other party; (I) the wasteful dissipation of marital property by either spouse; (J) any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration; and (K) any other factor which the court shall expressly find to be just and proper.

A divorce agreement usually involves alimony when one person makes more than the other; the higher earning spouse pays out alimony.

While you and your partner are equals in your marriage, regardless of which spouse earns more money, many couples make the mistake of trying to handle all money matters together.

I bet there is hardly any earning spouse or parent who will deny the fact that they love their spouse, parents, siblings and children, and own up the responsibility to make sure they are all taken care of as long as required.

Income Replacement Term Insurance Plans make a lot of sense if yours is a single earning household and your spouse (family) is not financially savvy or comfortable with making investment decisions.

If the surviving spouse earns well and manages all household finances, paying a higher yearly premium simply for the premium waiver benefit does not make much sense.

Income replacement life insurance products make sense for sole earning households, and where your spouse or family is not financially smart enough or is comfortable in making robust decisions about investments.

Hello I would like to share my master plan of new जीवन anand policy My age is 30 I have purchased 7 policies of 1 lac sum assured and each maturity year term 26 to 32 I purchased in 2017 Along with I have purchased 3 policies of same jivananad of 11lac each Maturity year term 33,34,35 Now what will I have to pay is rs, 130000 premium per year means 370rs per day At age of 55 in year 2047 I will start getting return, of, 3lac maturity per year till 2054 For 7policies of i lac I buyed for safety of paying next 10 years premium of 130000 As year by year my liability goes on decreasing and at the age of 62 to 65 I get my major part of maturity amount around 16000000 one crore sixty lac Along with 4000000 sum assured continued for rest of life So from above example it is true that you can make money to make money for you You can enjoy a large sum by just paying 370 per day and you will feel you have earned 19000000 / 35 years = 1500 per day And assume if I die after 5 years then in this case also my spouse will get 7500000 as death claim against 650000 paid premium Whats bad in this A asset is getting created for you It is a property of 2 crores which you are buying for 35 year installment If you make fd of 2000000 Lacs against this policy u will get 135000 interest per year to pay for 35 years If u buy a flat for 20 lack in 2017 there is no scope of valuation of Flat will be 2 crores But as I described you are creating a class asset for your beloved easily just investing 10500 per year for 35 years And too buy a term of 50 Lacs with it And rest you earn deposit in ppf Keep in mind if you will survive then only ppf will create corpus for you but in lic your family is insured to a higher extent till 1 crore with term including And its sufficient if you are earning 100000per Month no problem for investing of 10 % in New जीवन anand with rest 90 % you go with ppf, mutual funds, equity, gold, lottery, real estate any thing but keep 10 % for new jeewan anand it's a class if you understand it properly and after all if you rely only on term there are more chances of rejecting claims as one thing is sure cheap things just come under warranty but lic brand is guaranteed because in case of demise if your nominee doesn't get claim then your all hardwork is going to be waste so think and invest take long term and bigger sum assured for least premium You can assign your policy for taking flat or property it is a legal asset of you But term never.

If you want to be sure your spouse is protected in the event your death eliminates your wage earning capacity, whole life or universal life may make more sense.

To make a property distribution, courts consider factors including the length of the marriage, the economic circumstances of the spouses and the contributions of one spouse to the earning capacity of the other spouse.

If your spouse acquires an asset by purchasing it with money he earned while you're married, this makes the asset marital property.

Instead, courts consider various factors, including the contributions each spouse made to the marriage and the earning potential of each spouse.

In these cases, the supporting spouse may ask the Court to order a vocational evaluation with a qualified expert who will give an earning ability to the supported spouse for purposes of income and, also, the Court can order that the supported spouse make job contacts and report these to the supporting spouse.

However, being the breadwinner (i.e., earning more than a spouse) was associated with men being more likely to cheat; the opposite was true for women — they were less likely to cheat when they made more money than their husbands.