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Revision as of 01:38, 13 May 2026

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Despite the actual tax rate reductions belonging to the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees can be a whopping forty-six.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who include the good fortune (misfortune?) pertaining to being subject to both the 25% taxes bracket as well as the 85% inclusion rate for Social Security benefits.

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What it is as your 'income' tax has a collection tax brackets each having its own tax rate from 10% to 35% (2009). These rates are used in your taxable income which is income more than your 'tax free' a living.

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