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It certainly could be, depending on your filing status. In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.
It certainly could be, depending on your filing status. In this example, 85% of the social security benefit would be taxable, and if you are in a 25% marginal bracket, to first order the federal tax increase would be $6,185.
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