Madison school district enjoys budgetary success. Near the start of the 2010s, Madison District Public Schools moved out of deficit, bringing its expenditures in line with its revenues. Since then, the district has continued to improve its financial picture by leaps and bounds.
The Social Security tax rate is assessed on all types of income earned by an employee including salaries, wages, and bonuses. However, there is an income limit to which the tax rate is applied. For 2017, the Social Security tax is taken from income up to an annual limit of $127,200. Any amount earned above $127,200 is Social Security tax-free.
The amount of a personâs Social Security income that is taxable under the U.S. federal tax code depends on two factors: a taxpayerâs filing status and the size of the taxpayerâs âcombined incomeâ (adjusted gross income + nontaxable interest + half of Social Security benefits). Connecticut allows taxpayers to fully exempt Social Security income from state income tax if income is less than $60,000 (for joint filers). 2  Kansas exempts Social Security benefits from state income tax if federal adjusted gross income is if $75,000 or under.