Annual Taxes - Humor In The Drudgery: Difference between revisions
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Revision as of 14:52, 15 September 2026
Despite the new tax rate reductions among the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for cibai many retirees is often a whopping fouthy-six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who check out good fortune (misfortune?) end up being subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits. There's an improvement between, "gross income," and "taxable income." Gross income is just how much you can make.
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