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Revision as of 02:39, 21 September 2024

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

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Remember, an individual exemption of $3650 isn't deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This allows you to be under the marginal tax rate of 25%. So the money you can save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For or else you spouse, to be multiplied by two so you save $1825.

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