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Version du 31 octobre 2024 à 09:00
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Despite the new tax rate reductions from the Jobs and Growth Tax Relief Reconciliation Act of 2003, helpful ideas marginal tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who purchase the good fortune (misfortune?) end up being subject to both the 25% taxes bracket along with the 85% inclusion rate for Social Security benefits.
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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your earnings tax bill is going to be approximately 3200 dollars.
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