OASDI and SSI Program Rates & Limits, 2012
(released February 2012)
Social Security (OASDI) Program Rates & Limits |
2012 |
Tax Rates (percent) |
|
Social Security (Old-Age, Survivors, and Disability Insurance) |
|
Employers |
6.20 |
Employees a |
4.20 |
Medicare (Hospital Insurance) |
|
Employers and Employees, each a |
1.45 |
Maximum Taxable Earnings (dollars) |
|
Social Security |
110,100 |
Medicare (Hospital Insurance) |
No limit |
Earnings Required for Work Credits (dollars) |
|
One Work Credit (One Quarter of Coverage) |
1,130 |
Maximum of Four Credits a Year |
4,520 |
Earnings Test Annual Exempt Amount (dollars) |
|
Under Full Retirement Age for Entire Year |
14,640 |
For Months Before Reaching Full Retirement Age in Given Year |
38,880 |
Beginning with Month Reaching Full Retirement Age |
No limit |
Maximum Monthly Social Security Benefit for Workers Retiring at Full Retirement Age (dollars) |
2,513 |
Full Retirement Age |
66 |
Cost-of-Living Adjustment (percent) |
3.6 |
a. Self-employed persons pay a total of 13.3 percent—10.4 percent for OASDI and 2.9 percent for Medicare. |
Supplemental Security Income (SSI) Program Rates & Limits |
2012 |
Monthly Federal Payment Standard (dollars) |
|
Individual |
698 |
Couple |
1,048 |
Cost-of-Living Adjustment (percent) |
3.6 |
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) |
1,010 |
a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings. |