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2008 Social Security payments

1/10/2008

Here are the payments and tax information for all Social Security programs for 2008: Fact Sheet SOCIAL SECURITY SSA Press Office 440 Altmeyer 6401 Security Blvd. Baltimore, MD 21235 410-965-8904 FAX 410-966-9973 2008 SOCIAL SECURITY CHANGES o Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2006 through the third quarter of 2007, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2.3 percent COLA for 2008. Other important 2008 Social Security information is as follows: 2007 2008 o Tax Rate: 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. o Maximum Taxable Earnings: Social Security (OASDI only) $97,500 $102,000 Medicare (HI only) N o L i m i t o Quarter of Coverage: $1,000 $1,050 o Retirement Earnings Test Exempt Amounts: Under full retirement age $12,960/yr. $13,560/yr. ($1,080/mo.) ($1,130/mo.) NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. The year an individual reaches full $34,440/yr. $36,120/yr. retirement age ($2,870/mo.) ($3,010/mo.) 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.


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