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Oct 24, 2014

The Other Cost Of Living Adjustments

     From Social Security's press office:

2015 SOCIAL SECURITY CHANGES

Cost-of-Living Adjustment (COLA):
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.
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:

1 comment:

  1. Just saw an ABC commercial. It seems something about disability fraud may be on 20/20 tonight,if i heard it correctly.

    ReplyDelete