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Money and Finances
Reply to "Biden tax proposals - MFJ"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]What is MFJ?[/quote] It's sad that someone who is allowed to vote in this country actually has to ask that question. Sigh.[/quote] Wait. “MFJ” is clearly not common knowledge. Or am I missing sarcasm here?[/quote] I've not the previous poster, but MFJ is a strange acronym that I have never seen used anywhere before this thread. I know what the term means and I've done my own taxes for the last 20+ years, but I had to do a double take to figure it out. It wasn't immediately obvious from the thread title.[/quote] NP but it should be pretty obvious from the language in the OP that discusses tax proposals related to individuals and MFJ.[/quote] Fair; but it is [b]a weird acronym that isn't really common knowledge [/b](financial professional here). Though I swear that very people here (including what appears to be OP) understand the concept of marginal tax rates.[/quote] It's on every pay stub, for God's sake[/quote] Never been on my pay stub. [b]How would your employer even know how you file your taxes? [/b] [/quote] It's not on my paystub. All I see are my allowances and "Taxable Status: Married"[/quote] The employer knows and it's on my pay stub because the DC D4 makes you fill in a bubble for tax filing status. The federal W4 also requires an answer about it. [/quote] You're fairly clueless. What's on your paystub is how you wish to be taxed, i.e. how much you want the employer to withhold from your check. Even people who are married can choose to be taxed as a Single filer, and many do - especially if their spouse makes about the same income and they don't want to get hit with a huge tax bill. MFJ is actually HOW you file with the IRS: Married Filing Jointly. As opposed to Married Filing Separately. [/quote]
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