Declaring Bankruptcy When You Owe Irs Tax Debt: Difference between revisions
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Revision as of 08:08, 16 October 2024
Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, helpful ideas marginal income tax bracket for 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 include the good fortune (misfortune?) to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits.
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