Here is the data Advizr uses to calculates taxes.
Federal Income Tax Brackets:
Please note Advizr uses the standard deduction for all plans. There are no itemized deductions in Advizr.
State Income Tax Brackets:
Additional Medicare Tax Threshold:
Head Of Household: $125,000
Married Filing Separate: $125,000
Married Filing Jointly: $250,000
Capital Gains Tax Rates:
Social Security Taxation:
Social Security maximum taxable earnings: $132,900
For individuals who are still working but collect Social Security prior to their full retirement age the income limits is $17,640. Above this limit the earner will lose $1 of their benefits for every $2 they earn.
Once full retirement age is reached there is no reduction in benefits no matter how much is earned.