2015 Changes for Social Security
|
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:
|
2014 | 2015 |
| Monthly limit | $1,750 | $1,780 |
| Annual limit | $7,060 | $7,180 |
|
Estimated Average Monthly Social Security Benefits Payable in January 2015:
|
Before 1.7% COLA |
After 1.7% COLA |
| All Retired Workers | $1,306 | $1,328 |
| Aged Couple, Both Receiving Benefits | $2,140 | $2,176 |
| Widowed Mother and Two Children | $2,635 | $2,680 |
| Aged Widow(er) Alone | $1,253 | $1,274 |
| Disabled Worker, Spouse and One or More Children | $1,943 | $1,976 |
| All Disabled Workers | $1,146 | $1,165 |
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