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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.
At the moment employees pay fifteen percent of their income before taxes to the Social Security agency. If one assumes a $30K payment per year and an employerâs contribution of $375 per month at a modest one percent rate compounded over a 40 year work experience the total would be $1.3 million.