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. |