I'm Debt Free* !!!!

[kork13]

Good on you! Doesn't it feel terrific to know you're debt free, the car is free and clear. Does that lower your auto insurance premium?

Not certain. Once I get title in hand, I'll call my insurance to at least let them know, and we'll see if anything changes. It's still new enough (2012) that I won't drop comprehensive/collision, so if anything changes, it will likely be minor.

[kyoko]

Congratulation! Great job!!
Your well planned financial management and determination were certainly rewarded!

[Riverbendgirl]

Congratulations!

[Singuy]

The "marriage penalty" was killed around the year 2000. When you are married, you can earn twice as month income for same rates as single tax schedule. You both still get a personal exemption, each. The standard deduction is double for married people. You will be able to itemize both deductions for both homes, if you itemize.

For the withholding calculator, you need one where you can indicate a married filing status. Then combine everything.

The marriage tax penalty does not apply to singles making 74425, or a combine income of 148,850. Anything more than that then welcome to the marriage tax penalty. The marriage tax penalty is true for people who makes over 148,850 and the couple makes a similiar salary. If there's a huge disparity(say one makes 150k, the other makes 80k), then there is a small tax savings.

Due note, being married takes away your ability to file Head of household, so individual combined exemptions is much much lower vs two individuals applying for head of household as single. (head of household exemption is 9100, while married couple is 3900 per person..so you can see 3900 X 2 is not the same as 9100 X 2).

In conclusion, don't ever think being single is a killer on your taxes. I was always single and received a tax return between 2.5-5k/year..this year being married..I have to pay uncle sam 979..and everything else stayed the same (also wife makes the same as myself).

[Eagle]

Congratulations on paying off you car loan and your upcoming wedding!