OASDI and SSI Program Rates & Limits, 2012
(released December 2011)
Next Expected Update:
October 2012
Other Editions:
| Social Security (OASDI) Program Rates & Limits | 2012 | |
|---|---|---|
| Tax Rates (percent) | ||
| Social Security (Old-Age, Survivors, and Disability Insurance) | ||
| Employers | 6.20 | |
| Employees a,b (through February 29, 2012) | 4.20 | |
| (beginning March 1, 2012) | 6.20 | |
| Medicare (Hospital Insurance) | ||
| Employers and Employees, each a | 1.45 | |
| Maximum Taxable Earnings (dollars) | ||
| Social Security b | 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) through February 29, 2012 and 15.3 percent (12.4 percent for OASDI and 2.9 percent for Medicare) beginning March 1, 2012. | ||
| b. See IRS website for implemention details. | ||
| 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. | ||
