Tax Rate | 2008 | 2009 |
---|---|---|
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. |
Maximum Taxable Earnings: | 2008 | 2009 |
---|---|---|
Social Security (OASDI only) | $102,000 | $106,800 |
Medicare (HI only) | No Limit |
Quarter of Coverage: | 2008 | 2009 |
---|---|---|
Earnings needed to earn one Social Security credit | $1,050 | $1,090 |
Retirement Earnings Test Exempt Amounts: | 2008 | 2009 |
---|---|---|
Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. | $13,560/yr. ($1,130/mo.) | $14,160/yr. ($1,180/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. | $36,120/yr. ($3,010/mo.) | $37,680/yr. ($3,140/mo.) |
There is no limit on earnings beginning the month an individual attains full retirement age. |
Social Security Disability Thresholds: | 2008 | 2009 | |
---|---|---|---|
Non-Blind | $ 940/mo. | $ 980/mo. | |
Blind | $1,570/mo. | $1,640/mo. | |
Trial Work Period (TWP) | $ 670/mo. | $ 700/mo. |
Maximum Social Security Benefit: Worker Retiring at Full Retirement Age | 2008 | 2009 |
---|---|---|
$2,185/mo. | $2,323/mo. |
SSI Federal Payment Standard: | 2008 | 2009 |
---|---|---|
Individual | $ 637/mo. | $ 674/mo. |
Couple | $ 956/mo. | $1,011/mo. |
SSI Resources Limits: | 2008 | 2009 |
---|---|---|
Individual | $2,000 | $2,000 |
Couple | $3,000 | $3,000 |
SSI Student Exclusion: | 2008 | 2009 |
---|---|---|
Monthly Limit | $1,550 | $1,640 |
Annual Limit | $6,240 | $6,600 |
Estimated Average Monthly Social Security Benefits Payable in January 2009: | Before 5.8% COLA | After 5.8% COLA |
---|---|---|
All Retired Workers | $1,090 | $1,153 |
Aged Couple, Both Receiving Benefits | $1,773 | $1,876 |
Widowed Mother and Two Children | $2,268 | $2,399 |
Aged Widow(er) Alone | $1,051 | $1,112 |
Disabled Worker, | $1,695 | $1,793 |
All Disabled Workers | $1,006 | $1,064 |