2015 SOCIAL SECURITY CHANGES
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2013 through the third quarter of 2014, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.7 percent COLA for 2015. Other important 2015 Social Security information is as follows:
Tax Rate:
|
2014 | 2015 |
|---|---|---|
| Employee | 7.65% | 7.65% |
| Self-Employed | 15.30% | 15.30% |
NOTE:
The 7.65% tax rate is the combined rate for Social Security and
Medicare. The Social Security portion (OASDI) is 6.20% on earnings up
to the applicable taxable maximum amount (see below). The Medicare
portion (HI) is 1.45% on all earnings. Also, as of January 2013,
individuals with earned income of more than $200,000 ($250,000 for
married couples filing jointly) pay an additional 0.9 percent in Medicare taxes. The tax rates shown above do not include the 0.9 percent.
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Maximum Taxable Earnings:
|
2014 | 2015 |
| Social Security (OASDI only) | $117,000 | $118,500 |
| Medicare (HI only) | N o L i m i t | |
Quarter of Coverage:
|
2014 | 2015 |
| $1,200 | $1,220 | |
Retirement Earnings Test Exempt Amounts:
|
2014 | 2015 |
| Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. |
$15,480/yr. ($1,290/mo.) |
$15,720/yr. ($1,310/mo.) |
| The year an individual reaches full retirement age NOTE: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individual attains full retirement age. |
$41,400/yr. ($3,450/mo.) |
$41,880/yr. ($3,490/mo.) |
Social Security Disability Thresholds:
|
2014 | 2015 |
| Substantial Gainful Activity (SGA) Non-Blind Blind |
$1,070/mo. $1,800/mo. |
$1,090/mo. $1,820/mo. |
| Trial Work Period (TWP) | $770/mo. | $ 780/mo. |
Maximum Social Security Benefit:
|
2014 | 2015 |
| Worker Retiring at Full Retirement Age | $2,642/mo. | $2,663/mo. |
SSI Federal Payment Standard:
|
2014 | 2015 |
| Individual | $721/mo. | $ 733/mo. |
| Couple | $1,082/mo. | $1,100/mo. |
SSI Resources Limits:
|
2014 | 2015 |
| Individual | $2,000 | $2,000 |
| Couple | $3,000 | $3,000 |
SSI Student Exclusion:
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