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| 2003 | OASDI* | 6.20% | $87,000 | $5,394.00 |
| Medicare | 1.45% | No Limit | No Max | |
| Total | 7.65% | |||
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Social Security Benefits may be taxable to you.
Determine if taxable:
Rule of Thumb: Social Security Benefits are taxable if 1/2 of you benefits plus your other taxable income is more than $32,000 for Married filing jointly or $25,000 for everyone else.
If taxable, how much is taxable?
Generally, up to 50% of your benefits will be taxable. However, up to 85% of your benefits can be taxable if the total of 1/2 of your benefits and all your income is more than $44,000 for Married filing jointly or $34,000 for everyone else.
Last Updated on 3/07/2003
By John R. Kremer
Email: jrkremer@fuse.net