History In The Federal Income Tax: Difference between revisions

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Revision as of 05:43, 7 February 2025

Despite the actual tax rate reductions of your Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is really a whopping 46.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who hold the good fortune (misfortune?) end up being subject to both the 25% tax bracket and also the 85% inclusion rate for Social Security benefits.

Now we calculate if there is any tax due. Assuming for now that not one other income exists, we calculate taxable income getting the take advantage of the business ($20,000) and subtract common deduction (which is $5,950 for 2012) less the exemption deduction (which is $3,800 for 2012). The taxable income would then be $20,000 - $5,950 - $3,800 which equals $10,250. Based on tax law the extra earnings tax due for this person would be $1,099. So, the total tax bill for this taxpayer should be $1,099 + $3,060 to acquire a total of $4,159.

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