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

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The employer probably pays the waitress a little wage, as well as allowed under many minimum wage laws because she gets a job that typically generates tactics. The IRS might therefore consider that my tip is paid "for" the business. But I am under no compulsion to leave the waitress anything. The employer, on the other side hand, is obliged to fund the services his workers render. I absolutely don't think the exception under Section 102 uses. If the tip is taxable income to the waitress, it can be under the general principle of Section sixty one.

For my wife, she was paid $54,187, which she is not taxed on for Social Security or Healthcare. My wife to put 14.82% towards her pension by law, making her federal taxable earnings $46,157.

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I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in a very 401k, making my federal income taxable earnings $64,744.

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