Sentences with phrase «income earning spouse»

If you are the higher income earning spouse, the lender will want to know whether you have any legal obligations such as child support or alimony that might affect your ability to repay the mortgage.

Most life insurance companies will approve a policy of up to $ 1,000,000 of coverage for a work - at - home spouse, or equivalent coverage to the income earning spouse's policy.

Spousal support is typically paid by the higher - income earning spouse to the lower - income earning spouse and will depend on various factors set out in section 33 (9) of the Family Law Act, i.e. the parties» respective assets and means; the assets and means that the parties are likely to have in the future; the length of time the parties cohabited (including any time that the parties lived together before they married); the effect on the spouse's earning capacity of the responsibilities assumed during cohabitation, etc..

The benefit was taxable, generally to the lower income earning spouse or common - law partner, and was not income - tested.

Not exact matches

This document also contains proposed regulations that, to reflect current law, amend the regulations relating to the surviving spouse and head of household filing statuses, the tax tables for individuals, the child and dependent care credit, the earned income credit, the standard deduction, joint tax returns, and taxpayer identification numbers for children placed for adoption.

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.

Take advantage of «age - based» options: For example, tax regulations allow non-working spouses to establish IRA accounts as long as their spouses have earned income, a joint return is filed and the joint income does not exceed $ 190,000.

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 meIncome 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 meincome 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 meincome 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.

If you (or your spouse) are a non-citizen with an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN), you will not be able to claim the Earned Income Tax Credit.

You or your spouse, if filing jointly, generally must have earned income such as wages, tips, or commissions to qualify to contribute to an IRA.

If you, or your spouse, if filing a joint tax return, have earned income, you are eligible to contribute to a Roth IRA as long as your MAGI is at or below the phase - out limits.

But the Revised Pay - As - You - Earn Repayment plan does not and would count both spouse's income even if you file separately.

The IRA is good for nearly everyone with an earned income, or a nonworking spouse.

However, it is possible for your spouse to establish and fund a Roth IRA on your behalf if you are no longer earning income.

As long as you (or your spouse) are employed and earning income, you can invest in an IRA to help prepare for a financially comfortable retirement.

You can earn enough income yourself to qualify for personal benefits, or you can claim benefits based on the income of your spouse.

The rules define an «Accredited Investor» as anyone who earned income that exceeded $ 200,000 (or $ 300,000 together with a spouse) in each of the prior two years, and reasonably expects the same for the current year, or has a net worth over $ 1 million, either alone or together with a spouse (excluding the value of the person's primary residence).

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.

Does that mean anyone who works the governor can't earn outside income or their spouses?

A citizen can not claim means - tested benefits without proving habitual residence, they can not marry a non-EEA national without verifying the partnership's legitimacy in the eyes of the state, and they can not bring this spouse into the UK without earning over a minimum income threshold.

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.

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.

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.

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.

However, it is possible for your spouse to establish and fund a Roth IRA on your behalf if you are no longer earning income.

So, each spouse owns and is taxed upon the income that he earns.

If you earned $ 50,000 and your spouse earned $ 150,000, you must each report $ 100,000 in income, even if you didn't personally earn that much.

The answer is a resounding yes, particularly if one spouse has no income and the other earns all of it.

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

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.

Money can be deposited into a Roth IRA, if you have earned income (or your spouse has earned income) up to the amount deposited.

AC: Your spouse works and you can claim their earned income, so forget that.

The credit (up to a maximum of $ 2,000 per year) is based on the net reduction of federal tax that would be realized if up to $ 50,000 of the taxpayer's taxable income was transferred to a lower - income earning eligible spouse or common - law partner.

You and your spouse are not being considered as a child on someone else's tax return for purposes of the earned income credit.

Even if you can claim your spouse as a dependent, this will not qualify you for Head of Household filing status or for the Earned Income Credit.

Although you only earned a third of the income, you would be responsible for taxes on the entire $ 150,000 if your spouse owes taxes or is unable to pay.

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

For an IRA, you, or your spouse, have to have an earned income and you have to be younger than 70 1/2.

This is because the IRS views each spouse as earning half the total income which essentially keeps more income in lower tax brackets.

As before, that means the investment income is taxed in the hands of the lower - earning spouse, at a much lower rate.

For instance, if you get an annual $ 70,000 pension and your spouse has no income, you could split up to half of your pension with your husband or wife, and fill out your tax returns as if you each earned $ 35,000 a year.

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 classic example is to compare a one - income family where the sole breadwinner earns $ 100,000 a year and is taxed accordingly, versus a family where both spouses earn a more modest $ 50,000 a year and are taxed relatively less.

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 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.

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).