Joint Assessment Better?

R

ritab

Guest
Can anyone tell me if myself & hubby would be better off Joint Assessed of does it make any difference? I earn 50K & he earns 40K. I'm going to start a 4 day week which would reduce my salary to 40K.
 
I don't think it makes much difference unless one spouse is on 20% income tax and the other is on 42%. You can double check using [broken link removed] by calculating each spouse's tax liabilities separately and then as a married couple. In general it probably makes sense to be on joint aggregated assessment - if there is any advantage to be gained then that approach will provide it otherwise you will not lose out. See [broken link removed] for more on married taxation.
 
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