What Could Be The Irs Voluntary Disclosure Amnesty: Difference between revisions
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Revision as of 02:15, 21 September 2024
Despite the tax rate reductions among the Jobs and Growth Tax Relief Reconciliation Act of 2003, leading marginal income tax bracket for many retirees is often a whopping fouthy-six.3%. Why? Because Social Security benefits are subject to income in taxes. Those affected are Social Security recipients who purchase the good fortune (misfortune?) to get subject to both the 25% tax bracket and the 85% inclusion rate for Social Security benefits.
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