K1 , Married : How to file for taxes?

[Habibati & Habibi 21]

hello Vjs

I would like to inquire about doing taxes in the US for the first time in my life here, I hear people say the state and federal tax, withholding and other terms. My wife do taxes but she do not even know how and I want to know , how the government withhold taxes from worker pay and how the percentage is calculated am d what is the difference between federal and state taxes.

since this is my first time to file , and being married what is the best way to file for taxes? separately or jointly?

thank you

[Saiali 13]

joint if together u made less than 100,000 for 2017. Separate if one of u made more considerably more or owned a business. 

[Habibati & Habibi 21]

thank you for the reply, however could you please explain more?

thank you

[Italian_in_NYC 259]

On ‎2‎/‎14‎/‎2018 at 5:29 PM, Saiali said:

joint if together u made less than 100,000 for 2017. Separate if one of u made more considerably more or owned a business. 

That's incorrect.

MFS is convenient only in few specific cases.

Usually, MFJ produces the lower tax liabilities.

What you were referring is probably "single' filing status, but if they were married as of 12/31/17, that's not an option.

[payxibka 10,045]

On 2/8/2018 at 12:04 AM, Habibati & Habibi said:

hello Vjs

I would like to inquire about doing taxes in the US for the first time in my life here, I hear people say the state and federal tax, withholding and other terms. My wife do taxes but she do not even know how and I want to know , how the government withhold taxes from worker pay and how the percentage is calculated am d what is the difference between federal and state taxes.

since this is my first time to file , and being married what is the best way to file for taxes? separately or jointly?

thank you

Calculate it both ways and choose the best result

[Saiali 13]

13 hours ago, Italian_in_NYC said:

That's incorrect.

MFS is convenient only in few specific cases.

Usually, MFJ produces the lower tax liabilities.

What you were referring is probably "single' filing status, but if they were married as of 12/31/17, that's not an option.

 

12 hours ago, payxibka said:

Calculate it both ways and choose the best result

@Italian no I wasn't referring to filing single.  A majority of my co-workers file mfs due to the fact that a majority of us make 200k or more a few have small busineses and itemize instead of taking standard deductions and some of their spouses are self employed. However I am by no means a licensed accountant.

 

@Paxiyikba I agree calculate both ways and go with the one who better benefits u as a couple.

[Italian_in_NYC 259]

On ‎2‎/‎18‎/‎2018 at 3:08 AM, Saiali said:

 

@Italian no I wasn't referring to filing single.  A majority of my co-workers file mfs due to the fact that a majority of us make 200k or more a few have small busineses and itemize instead of taking standard deductions and some of their spouses are self employed. However I am by no means a licensed accountant.

 

@Paxiyikba I agree calculate both ways and go with the one who better benefits u as a couple.

That doesn't make any sense. Self-employed individuals deduct their expenses directly on Schedule C, not schedule A.

If you itemize, it only makes sense to file MFS if one individual has lower AGI and huge expenses subject to AGI floor (typically, medical expenses subject to 10% AGI floor).

I am a licensed accountant.

[Saiali 13]

5 hours ago, Italian_in_NYC said:

That doesn't make any sense. Self-employed individuals deduct their expenses directly on Schedule C, not schedule A.

If you itemize, it only makes sense to file MFS if one individual has lower AGI and huge expenses subject to AGI floor (typically, medical expenses subject to 10% AGI floor).

I am a licensed accountant.

If u reread my post I never said anything specifically about the schedules. I spoke only on general information. 

Edited February 19, 2018 by Saiali

[Italian_in_NYC 259]

2 hours ago, Saiali said:

If u reread my post I never said anything specifically about the schedules. I spoke only on general information. 

Itemized deductions = schedule A