You're working, and you've got a family that depends on you - both now and down the road. Where do you invest your money? Do you borrow against the equity in your house? Through a preferred provider relationship with USAA, The American Legion can provide expert financial advice to just about any question.
e’ll start by trying to put a positive spin on things. In 2012, federal income taxes will be no higher than 35 percent of your taxable income. That’s your adjusted gross income less deductions and exemptions. In your situation, your adjusted gross income would include your military retirement, 85 percent of your Social Security, and your wages plus any interest, dividends, capital gains or other income. Since you didn’t provide us with any of the pertinent numbers except your wages, it’s impossible to estimate your taxes. Our guess is that your marginal tax bracket will probably be 25 percent (that is the tax rate on the last dollar you earned) and your average rate significantly less than that. The best way to get a handle on it is just to plug the numbers into the forms (or software). Good luck!