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Adjusted Gross Income includes your taxable wages, pensions, interest, dividends, other taxable income and tax-exempt income. If you have provisional income of less than $25,000 ($32,000 if you are married and filing a joint return, none of your Social Security benefits will be taxable. If your provisional income is between $25,000 and $34,000 ($32,000 and $44,000 if married and filing a joint return) up to 50% of your benefits may be taxable. If your provisional income is more than $34,000 ($44,000 if married and filing jointly) up t 85% of your Social Security benefits may be taxable.
To reach the 40.2% marginal rate, the couple would need to exceed $49,673 in SS benefits; at $49,673 in benefits, $62,778 in other income makes the maximum $42,222 of Social Security taxable, for a total income of $104,0000 at the top of the 15% bracket.