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Author Topic: Social Security taxes and benefits 2007 Updates  (Read 4638 times)
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« on: May 28, 2007, 03:29:29 pm »

This update provides new information for 2007 for many items such as Social Security taxes and benefits. By law, these numbers change automatically each year to keep the program up to date with increases in price and wage levels. Whether you are working or you are already getting Social Security benefits, these changes are important to you.

Information for people who are working Social Security and Medicare taxes  Social Security taxes  2006 2007
Employee/employer (each)
 6.2% on earnings up to $94,200
 6.2% on earnings up to $97,500
*Can be offset by income tax provisions 12.4%* on earnings up to $94,200
 12.4%* on earnings up to $97,500
Medicare taxes 2006 2007
Employee/employer (each)
 1.45% on all earnings
 1.45% on all earnings
*Can be offset by income tax provisions  2.9%* on all earnings
 2.9%* on all earnings

Work credits--When you work, you earn credits toward Social Security benefits. You need a certain number of credits to be eligible for Social Security benefits. The number you need depends on your age and the type of benefit for which you are applying. You can earn a maximum of four credits each year. Most people need 40 credits to qualify for retirement benefits. 
  2006 2007
  $970 earns one credit
 $1,000 earns one credit

Information for people who receive Social Security benefits  Earnings Limits

Under federal law, people who are receiving Social Security benefits who have not reached full retirement age are entitled to receive all of their benefits as long as their earnings are under the limits indicated below. For people born in 1942, the full retirement age is 65 and 10 months. The full retirement age will increase gradually each year until it reaches age 67 for people born in 1960 or later.
   2006 2007
At full retirement age or older
 No limit on earnings
 No limit on earnings
Under full retirement age
 $12,480 / For every $2 over the limit, $1 is withheld from benefits.
 $12,960 / For every $2 over the limit, $1 is withheld from benefits.
In the year you reach full retirement age
 $33,240 / For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.
 $34,440 / For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.
Disability beneficiaries' earnings limits: If you work while receiving disability benefits you must tell us about your earnings no matter how little you earn. You may have unlimited earnings during a trial work period of up to nine months (not necessarily in a row) and still receive full benefits. Once you have completed your nine-month trial work period, we will determine if you are still entitled to disability benefits. You also may be eligible for other work incentives to help you make the transition back to work.
  2006 2007
Substantial Gainful Activity (Non-blind)
 $860 per month
 $900 per month
Substantial Gainful Activity (Blind)
 $1,450 per month
 $1,500 per month
Trial work period month
 $620 per month
 $640 per month

Information for people who receive Supplemental Security Income (SSI)  Monthly federal SSI payment (maximum) 
Monthly income limits 
Individual whose income is only from wages
Individual whose income is not from wages
 $ 623
 $ 643
Couple whose income is only from wages
Couple whose income is not from wages
 $ 924
 $ 954
NOTE: If you have income, your monthly benefit generally will be lower than the maximum federal SSI payment. Remember, you must report all of your income to us. Some states add money to the federal SSI payment. If you live in one of these states, you may qualify for a higher payment. Your income can be greater than the limits indicated and you still may qualify.

Information for people on Medicare  Most Medicare costs are increasing this year to keep up with the rise in health care costs.
Hospital Insurance (Part A)
For first 60 days in a hospital, patient pays
For 61st through 90th days in a hospital, patient pays
 $238 per day
 $248 per day
Beyond 90 days in a hospital, patient pays (for up to 60 more days)
 $476 per day
 $496 per day
For first 20 days in a skilled nursing facility, patient pays
 $ 0
 $ 0
For 21st through 100th days in a skilled nursing facility, patient pays
 $119 per day
 $124 per day

Part A Premium Buy-In: The amount of the premium you pay to buy Medicare Part A depends on the number of Social Security credits you have earned. If you have:
40 credits 
 $ 0
 $ 0
30-39 credits 
 $216 per month
 $226 per month
less than 30 credits 
 $393 per month
 $410 per month

Medical Insurance (Part B)
 $88.50 per month
 $93.50 per month**
 $124 per year
 $131 per year
  After the patient has paid the deductible, Part B pays for 80 percent of covered services.
NOTE: If you get Medicare and your income is low, your state may pay your Medicare premiums and, in some cases, your deductibles and other out-of-pocket medical expenses. Contact your local medical assistance (Medicaid) agency, social services or welfare office for more information.
**Standard monthly premium is $93.50. Some people with higher incomes pay higher premiums.

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« Last Edit: July 11, 2007, 01:40:40 pm by Admin » Logged

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