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Revision as of 06:00, 16 August 2026

Despite fresh tax rate reductions of the 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 check out good fortune (misfortune?) to get subject to both the 25% income tax bracket as well as the 85% inclusion rate for Social Security benefits.

I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) transfer pricing to produce a 401k, making my federal income taxable earnings $64,744.

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