Rhyme Awareness Rhyme awareness is the understanding that certain word endings sound alike, and therefore contain the same sounds, such as the short /a/ and /p/ sounds in cap and map or the long /i/ and /t/ combination in fight and kite.
Most high-income retirees will have 85% of Social Security benefits taxable. For lower-income retirees, less than 85% will be taxable, but many retirees in a 12% tax bracket will face a marginal tax rate much higher than 12%. Social security benefits are also taxable in some states (see Figure 1.) For social security taxes imposed on earned wages, see the Social Security article.
Image source: Getty Images. Social Security tax is one part of the Federal Insurance Contribution Act (FICA) tax, and it is assessed at a rate of 12.4%. This is split evenly between the employee and employer, and it applies to earned income up to $118,500 for 2016 -- resulting in a maximum Social Security tax of $14,694. The remainder of FICA tax goes to Medicare.