Sentences with phrase «higher earning spouse»

In Ohio, the higher earning spouse pays for everything.

This arrangement is advantageous to couples going through a divorce and planning to include spousal maintenance or alimony in their property settlement because the higher earning spouse is paying taxes at a higher rate than the receiving spouse.

Thus, under the new tax rules, less alimony would likely be paid to correct for the loss of the tax deduction by the higher earning spouse.

Under the new tax law, the higher earning spouse will be required to pay all of the tax on the funds used to pay spousal maintenance or alimony and the recipient will get the payments tax - free.

Presently, in California, the more time the higher earning spouse has with the children, the less that parent pays in child support.

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

Presently, in California, the more time the higher earning spouse has with the children, the less that parent pays in child support.

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.

Temporary spousal support in Loudoun County is determined typically by a formula that takes a portion of the higher earning spouse's income and, if any, a portion of the lower - earning spouse's income to determine what the monthly payment should be.

As an example, in Santa Clara County, 50 percent of the income of the lower - earning spouse are deducted from 40 percent of the income of the higher earning spouse.

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.

As an example a household income of 20K / 100K split in income increases the tax burden for the higher earning spouse increases 3K.

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).

For spousal support, mental health issues come into consideration in Virginia in terms of whether they impact the ability of the party requesting alimony to work or the limitations on the higher earning spouses work.

«Higher earning spouses no longer have a tax incentive to pay alimony.

Not exact matches

Jackson is the lead author of a new study to be published in Psychological Science that tracked nearly 5,000 married Australians for five years and measured how a spouse's personality impacted whether their partner received a promotion, earned a higher salary or experienced higher levels of job satisfaction.

And if one spouse far out - earned the other, the stakes are high.

Here's how it works: The higher - earning (first) spouse files for benefits at full retirement age, enabling the other to file for spousal benefits as early as age 62 — which, again, amounts to half of what the first spouse is entitled to.

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.

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.

If one spouse does not work or does not earn enough to max out IRA contributions, the higher - earning spouse can contribute on the lower - earning spouse's behalf.

For non-registered investment that you mentioned... Are there some tax implication if the higher income spouse earns the money and then the lower income spouse uses it to invest?

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.

For example, if the higher - earning spouse in a couple stops working at age 65, the couple may drop into a lower tax bracket the following year.

This would let couples shift income from the person in a higher tax bracket to a lower - earning or stay - at - home spouse, freeing up cash and reducing a family's overall tax bill.

Essentially, the higher - earning spouse files for Social Security upon Full Retirement Age and then immediately suspends that filing, allowing the benefit to grow even more, at least until age 70.

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.

To give you an idea of how much money can be saved, consider a couple where the lower earning spouse earns $ 15,000 and the higher income spouse earns $ 85,000 (with eligible registered pension income, CPP and OAS).

The higher - earning spouse doesn't have to pay any taxes on the money he or she contributes, and when the money is withdrawn, it will be taxed in the lower - income spouse's hands at a lower rate.

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.

And forgive me for mentioning this, but your own death may cause your retirement account to be taxed at a higher rate, whether you leave it to a surviving spouse who has to file single or to beneficiaries in a younger generation who may be faced with required minimum distributions during their peak earning years.

Often, higher - earning spouses elect benefits early, exposing the surviving spouse to a longevity risk.

For instance, if both of you are 60 or older and receiving CPP payments, the higher - income spouse can elect to attribute up to 50 % of his or her CPP income to the lower - earning spouse.

In 2014, the Conservatives introduced this credit, which allows families with children under the age of 18 to shift $ 50,000 of income from a higher - earning spouse to a lower - earning spouse for total tax savings of up to $ 2,000 per couple.

The higher - earning spouse can also lend money to the lower - earning spouse to buy investments, but the Canada Revenue Agency's prescribed interest rate of 1 % must be charged.

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.

A tax planning strategy whereby the higher - earning spouse transfers income to the lower - earning spouse to reduce taxable income.

If one spouse earns $ 100,000 a year while the other earns nothing, that high - earning spouse will pay $ 25,200 in income tax.

With income splitting, the higher - earning spouse has less tax taken off at the top marginal rate, and more of the income for the couple as a whole is taxed at lower rates, resulting in an annual saving of $ 8,600 in income tax.

If a higher - earning spouse passes away, the widow or widower can opt to get the Social Security benefit of the deceased, instead of their own.

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.

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.

Once enough quarters have been earned, the Federal spouse's own earned Social Security benefit will often be higher than the spousal benefit.

In this case, the higher - earning spouse can allocate up to half (i.e. $ 30,000) of their pension income to their spouse.

If your spouse works during that month, use the higher of $ 250 (or $ 500) or his or her actual earned income for that month.

Up to half of the higher - earning spouse's eligible pension income can be in effect «transferred» into the hands of the lower earning spouse: not literally but for tax purposes.

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.

Once such appellate cases referred to such former spouse's as «gold diggers» and another appellate case indicated that a trial court might stop spousal maintenance payments if the spouse receiving the spousal maintenance refuses to do anything to increase their ability to earn a higher income.