Difference between revisions of "Getting Regarding Tax Debts In Bankruptcy"

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Revision as of 17:33, 30 October 2024

Despite the tax rate reductions for this Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal income tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income tax bill. Those affected are Social Security recipients who check out good fortune (misfortune?) to get subject to both the 25% income tax bracket along with the 85% inclusion rate for Social Security benefits.

The more you earn, the higher is the tax rate on what earn. In 2010-you have six tax brackets: 10%, 15%, 25%, 28%, 33%, and 35% - each assigned to bracket of taxable income.

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