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Revision as of 20:44, 13 September 2026
Despite the actual tax rate reductions for this Jobs and Growth Tax Relief Reconciliation Act of 2003, leading marginal tax bracket for many retirees can be a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have enough good fortune (misfortune?) to get subject to both the 25% income tax bracket and also the 85% inclusion rate for Social Security benefits.
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10% (8.55% for healthcare and 1.45% Medicare to General Revenue) for my employer and me is $15,612.80 ($7,806.40 each), which is less than both currently pay now ($1,131.93 $7,887.10 = $9,019.03 my share and $1,131.93 $8,994 = $10,125.93 my employer's share).