OASDI and SSI Program Rates & Limits, 2005
(released October 2004)
| Social Security (OASDI) Program Rates & Limits | 2005 |
|---|---|
| Tax Rates for Employers and Employees, Each a (percent) | |
| Social Security | |
| Old-Age and Survivors Insurance | 5.30 |
| Disability Insurance | 0.90 |
| Subtotal, Social Security | 6.20 |
| Medicare (Hospital Insurance) | 1.45 |
| Total | 7.65 |
| Maximum Taxable Earnings (dollars) | |
| Social Security | 90,000 |
| Medicare (Hospital Insurance) | No limit |
| Earnings Required for Work Credits (dollars) | |
| One Work Credit (One Quarter of Coverage) | 920 |
| Maximum of Four Credits a Year | 3,680 |
| Earnings Test Annual Exempt Amount (dollars) | |
| Under Full Retirement Age for Entire Year | 12,000 |
| For Months Before Reaching Full Retirement Age in Given Year | 31,800 |
| Beginning with Month Reaching Full Retirement Age | No limit |
| Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars) | 1,939 |
| Full Retirement Age | 65 and 6 months |
| Cost-of-Living Adjustment (percent) | 2.7 |
| 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. | |
| Supplemental Security Income (SSI) Program Rates & Limits | 2005 |
|---|---|
| Monthly Federal Payment Standard (dollars) | |
| Individual | 579 |
| Couple | 869 |
| Cost-of-Living Adjustment (percent) | 2.7 |
| Resource Limits (dollars) | |
| Individual | 2,000 |
| Couple | 3,000 |
| Monthly Income Exclusions (dollars) | |
| Earned Income a | 65 |
| Unearned Income | 20 |
| Substantial Gainful Activity (SGA) Level for the Nonblind Disabled (dollars) | 830 |
| a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings. | |
