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FACTOR | 2013 |
2012 |
Wage Base: | ||
for Social Security | $113,700 |
$110,100 |
for Medicare | No Limit |
No Limit |
Cost-of-living increase (applies to December benefits, payable in January) | 1.70% |
3.6% |
Average annual wage (based on data 2 years earlier) | $42,979.61 |
$41,673.83 |
PIA formula, 1st bend point | $791 |
$767 |
PIA formula, 2nd bend point | $4,768 |
$4,624 |
Maximum family benefit, 1st bend point | $1,011 |
$980 |
Maximum family benefit, 2nd bend point | $1,459 |
$1,415 |
Maximum family benefit, 3rd bend point | $1,903 |
$1,845 |
Retirement test exempt amount (annual): | ||
below SSNRA | $15,120 |
$14,640 |
year of SSNRA | $40,080 |
$38,880 |
Wages needed for one quarter of coverage | $1,160 |
$1,130 |
FICA (employee) tax rate: | ||
Social Security (OASDI) | 6.20% |
4.20% |
Medicare (HI) | 1.45% |
1.45% |
Total: | 7.65% |
5.65% |
SECA (self-employed) tax rate, total | 15.30% |
13.30% |