Difference between revisions of "Details Of 2010 Federal Income Taxes"

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Revision as of 06:21, 16 October 2024

The IRS has set many tax deductions and benefits secured for people. Unfortunately, some taxpayers who earn a high level of income can see these benefits phased out as their income climbs.

So far, so nice. If a married couple's income is under $32,000 ($25,000 for just about any single taxpayer), Social Security benefits are not taxable. If combined earnings are between $32,000 and $44,000 (or $25,000 and $34,000 for a single person), the taxable amount Social Security equals the lesser of half of Social Security benefits or 50 % of the difference between combined income and $32,000 ($25,000 if single). Up until now, it isn't too bewildering.

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