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2008 | 2009 | |
---|---|---|
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 | 102,000 | 106,800 |
Medicare (Hospital Insurance) | No limit | No limit |
Earnings Required for Work Credits (dollars) | ||
One Work Credit (One Quarter of Coverage) | 1,050 | 1,090 |
Maximum of Four Credits a Year | 4,200 | 4,360 |
Earnings Test Annual Exempt Amount (dollars) | ||
Under Full Retirement Age for Entire Year | 13,560 | 14,160 |
For Months Before Reaching Full Retirement Age in Given Year | 36,120 | 37,680 |
Beginning with Month Reaching Full Retirement Age | No limit | No limit |
Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars) | 2,185 | 2,323 |
Full Retirement Age | 66 | 66 |
Cost-of-Living Adjustment (percent) | 2.3 | 5.8 |
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. |
2008 | 2009 | |
---|---|---|
Monthly Federal Payment Standard (dollars) | ||
Individual | 637 | 674 |
Couple | 956 | 1,011 |
Cost-of-Living Adjustment (percent) | 2.3 | 5.8 |
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) | 940 | 980 |
a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings. |