You're getting married. How exciting! But as the big day approaches, the wedding costs start to add up and all of a sudden you are wondering if getting married is really worth the cost. You may be thinking there are better ways to spend the money you are putting into this one big day. But there are also some financial benefits to being married. Take this quiz to see whether or not marriage is a good financial investment for you.
What was the average cost of a wedding in the U.S. in 2008?
What do newly married couples often buy that further adds to the marriage costs?
How much were Americans paying on average to buy a new house in 2008?
What does financial author Jeffrey Strain suggest may be a better option than spending on a big wedding?
buying a second car
investing in an IRA
setting up trust funds for your future children
What does the phrase "marriage penalty" refer to?
the limitation on a person's post-nuptial freedom
the price you pay for not listening to your partner
extra tax incurred simply because you are married
Why do you incur more tax once you are married?
The incomes of both people in the marriage are added together, placing them in a higher tax bracket.
People generally get promoted when they get married so they end up in a higher tax bracket.
People tend to buy property when getting married so they incur an extra property tax.
What are the options for a married person when filing a tax return?
File as a single.
File as married but separately.
Both of the above.
Why was 2003 a good year in the U.S. for married couples in terms of tax?
The marriage tax was abolished.
The marriage tax was lifted for people in the lower-income tax bracket.
Married couples were given a tax bonus.
How does being married become a benefit when selling a house?
A married couple pays less tax on sale profit.
You have someone to talk to during this stressful time.
A partner may have good advice as to how to go about the selling process.
What is another aspect of life that may be financially improved by being married?