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Revision as of 18:50, 7 October 2026


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

But, here's the problem shocking straightforward fact. You pay less tax on a dollars of earnings and other tax all over your last rupees. Let us assume you are single and your taxable income covers to $45,000 during '10. Then you pay federal tax at the rate of 10 percent on the $8,350 of taxable income. The opposite 15% imposed on income between $8,350 and $33,950. 25% is charged on income from $33,950 to $45,000.

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