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| 2007 | 2008 | |
|---|---|---|
| Tax Rates for Employers and Employees, Each a (percent) | ||
| Social Security | ||
| Old-Age and Survivors Insurance | 5.30 | 5.30 |
| Disability Insurance | 0.90 | 0.90 |
| Subtotal, Social Security | 6.20 | 6.20 |
| Medicare (Hospital Insurance) | 1.45 | 1.45 |
| Total | 7.65 | 7.65 |
| Maximum Taxable Earnings (dollars) | ||
| Social Security | 97,500 | 102,000 |
| Medicare (Hospital Insurance) | No limit | No limit |
| Earnings Required for Work Credits (dollars) | ||
| One Work Credit (One Quarter of Coverage) | 1,000 | 1,050 |
| Maximum of Four Credits a Year | 4,000 | 4,200 |
| Earnings Test Annual Exempt Amount (dollars) | ||
| Under Full Retirement Age for Entire Year | 12,960 | 13,560 |
| For Months Before Reaching Full Retirement Age in Given Year | 34,440 | 36,120 |
| Beginning with Month Reaching Full Retirement Age | No limit | No limit |
| Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars) | 2,116 | 2,185 |
| Full Retirement Age | 65 and 10 months | 66 |
| Cost-of-Living Adjustment (percent) | 3.3 | 2.3 |
| a. Self-employed persons pay a total of 15.3 percent—10.6 percent for OASI, 1.8 percent for DI, and 2.9 percent for Medicare. | ||
| 2007 | 2008 | |
|---|---|---|
| Monthly Federal Payment Standard (dollars) | ||
| Individual | 623 | 637 |
| Couple | 934 | 956 |
| Cost-of-Living Adjustment (percent) | 3.3 | 2.3 |
| Resource Limits (dollars) | ||
| Individual | 2,000 | 2,000 |
| Couple | 3,000 | 3,000 |
| Monthly Income Exclusions (dollars) | ||
| Earned Income a | 65 | 65 |
| Unearned Income | 20 | 20 |
| Substantial Gainful Activity (SGA) Level for the Nonblind Disabled (dollars) | 900 | 940 |
| a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings. | ||