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1.
The "marriage penalty" refers to _______.
Filing taxes jointly and ending up in a higher tax bracket. This happened in the past because of the mismatch of tax brackets, but the 2018 tax law changed them such that the penalty occurs only in the two top brackets (most taxpayers are not in these brackets).
2.
If you are married and your spouse gives you a gift, how much of that gift is subject to the gift tax?
None of it. By federal law, gifts given to a spouse are exempt from gift taxes.
3.
What priority does a married person get when his or her spouse needs a conservator to make financial decisions in the event of incapacity?
First priority. The advantage of being married extends to conservatorship.
4.
When it comes to marriage, which of the following are generally considered to be financial responsibilities of marriage?
All of the above. Each of these financial responsibilities is commonly expected of those who marry. Financial support for any children during the marriage is also expected.
5.
The "marriage penalty" refers to _______.
Filing taxes jointly and ending up in a higher tax bracket. This happened in the past because of the mismatch of tax brackets, but a recent tax law changed them such that the penalty occurs only in the two top brackets (most taxpayers are not in these brackets).