European Stars And Stripes (Newspaper) - July 28, 1986, Darmstadt, Hesse Financial tips for newlyweds by Carole Gould new York times after returning from their two week honeymoon cruise last month Regina and Mitchell Tenzer sat Down to discuss their joint finances. As they talked their Lisl of things to do grew longer and longer we re Starling irom scratch so there s everything to think about mrs. Tenzer said. Many brides and grooms would be Well advised to follow the tenders example. Newty married couples. Buoyed by the size or their joint paychecks often ail to budget realistically. Set up an informal bookkeeping system at the beginning of the marriage before things gel out of control advised Sidney Kesa e partner with the accounting firm of Keg main Hurdman. Couples May want to continue their separate checking accounts however Al teas through the first year of marriage so they can see where their Money goes and How much disposable income remains. In the Day to Day budgeting Don l lose sight of Long term objectives a car a House children. Make a list of your goals and put a Dollar value on each one recommended Elizabeth a Lew Fri a financial planner and author of financial fitness for newlyweds faction file publications 1984, $8.95. As a rough Rule of thumb a Young couple earning $75,000 combined might try to save 10 to 15 percent a year. H you Are planning to buy a House of apartment experts say to budget e maximum of 30 percent of you Gross income few monthly housing costs. H an inheritance or a big income increase is on the horizon the percentage could go higher. Whether to hold joint title to real estate and other property is a Tricky question. Joint ownership is on a Day to Day basis or if one spouse Dies said Herbert m. Paul a new York tax attorney. Those who opt for joint ownership have equal rights to the property the assets bypass a estate Whan one spouse Dies. But if the marriage splits up it s not the worst thing to have something in your own name he assets into the marriage. Couplet can expect to owe More in taxes than they fid As single wage earners. Under the present tax rubs your combined income pushes Vou no higher bracket but instead of paying 200 percent of the single Rales you pay 225 percent because the joint tax tables presume that Only one spouse works said Mary l Sprouse a Boa Angeles Texa Twomey the Relief afforded by the How Amer deduction couples May deduct 10 percent of the lower earning spouse s income on their joint return up to $3,000 depends on the composition of the joint income. Couples who earn $50,000 combined with one spouse earning 70 percent of the total come out Best. Gone Raly. The greater the disparity Between the two incomes the More valuable the deduction which is however slated to disappear under Bolh the House and Senate us plans. Couples who must pay higher taxes should Check Elm Bombeck the other night my husband and i took guest from another country out to we were poised Over the Pas la from out of the darkness a Waller appeared with Pepper Mill the size of a league Bowling trophy and waited for instructions. What is that asked our guest. It s Pepper we said. What kind of Pepper he asked. Just our guest reached for the Milf and the waiter said til do it for you embarrassed he sat Back and watched the waiter grind away. When he started of leave the a Fullor said. Til have some Salt you can serve yourself. It s on the table said the waiter and disappeared into the darkness again. Head never seen anything like ii. Not we can w the rhythm 0ut eat whether enough is being withheld from their paychecks withholding at the single rate typically will nol cover the liability on a joint return. Have the tax withheld at a higher Rale or if thai is not sufficient begin making quarterly payments of estimated lax. White most coup Toi file joint tax returns those who have a great disparity in income combined with High medical Bills May want to file separately because medical expenses Are subject to a floor calculated Montrie basis of adjusted grass income. Separate returns can also be used As records of which spouse owns specific assets in the event of a divorce or a lawsuit. However married couples who file separate returns cannot claim the two earner deduction or a Credill for child care expenses. In the first year of marriage compute your tax Bot ways to see whether you owe less by filing jointly or separately Sprouse advised. Spouses who file joint returns Are both Gable Tor the tax even if one spouse earns All he income. Paul lets a cautionary late of a Tien i who two years after her divorce was contacted by the irs for payment of taxes on income generated by her former husband s business. The moral review the return and ask enough questions to understand what you Are signing. When both spouses work the couple should coordinate any company insurance benefits that the contribute to. You Don l want to pay for dual coverage when on policy la probably better than the other said Claire a Longden a vice president with Butcher & Singer a investment banking firm. Good clues she said Are the deductible and the extent of coverage for psychiatric and dental care. Many plans today still do not cover pregnancy so would be parents should Check 1he Fin print Early on you cannot Purchase coverage after a woman becomes pregnant. Compare Premium and coverage on life insurance policies too. There Ara big differences in group life insurance today Longden said. She added that term insurance May be less expensive than employer sponsored group coverage. Finally review individual retirement accounts. Keogh plans and company pension and retirement benefits changing the beneficiaries As or update your wills. Some couples May want to leave everything to each other but others May need to make provision Lor elderly parents in that Case discuss the problem together to devise an equitable settlement. Two years ago the internal Revenue service old College football fan that he could nol deduct the amount he gave to the school s athletic scholarship program As a charitable contribution because his donation entitled him to Purchase preferred seating at athletic events. Alter hearing complaints from universities and sports fans the irs has recently clarified its position. As a general Rule payments can be deducted to the extent they exceed he value of any benefits you receive in return. I suppose you want some kind Olen explanation Lor All this we said. He nodded. Actually we did t have one. I Don l know when Pepper got to be right behind frankincense and myrrh in prominence. Ii used to be in a Little Jar that sat next to the Salt on the table and everyone passed it around sneezed and it was no big Deal. The next thing you know in some of the fancier restaurants waiters started carrying Pepper Mills around like they were a human sacrifice to to placed on the altar of a smoking Volcano. If Pepper were one of the jewels of the spice family could understand Why someone would Dole it out Grain by Grain. Salad bars do Fiat with the shrimp. They put them in the Back Row behind All the lettuce and the Garbanzo Beans and then Angle the Glass shield so that you sever a main artery if you try to dip a spoon Inlo them. But Pepper monday july 28, ims i think ii was Johnny Carson who Obs aved. The bigger the Pepper Mill the More expensive the it has really gotten Oul of hand. After a while they Are going to wheel them to the Able on Dolly. Frankly i would Welcome something to do while i m sitting there Al the table. Eating has become so passive. Someone pulls my chair out flips my Napkin for me and places it in my Lap and inserts a menu Between my curved fingers. I Don l have to pour my own wine spoon on my own Parmesan or bring my own flashlight to read Trie Check. They do Al All. Our guest to put it mildly was intrigued by the ritual. Alter the waiter left he lifted the pasta to his lips an sampled in. I Don t lasts Law Pepper he Salt. Thai is because it never Cornea Oul o Hose i Don t Weald him a
