2013 Statistics

Social Security Factors
The Social Security Administration announced updated factors for 2013.
Wage Base      The maximum amount of earnings taxable in 2013 is $113,700 for Social Security purposes.
COLA              The cost-of-living increase in benefits is 1.7% applicable to December 2012 benefits, payable in January 2013.
Wage Index     The Average Annual Wage figure of $42,979.61 will be used in computing benefits for workers who become eligible in 2013.
This figure is based on data for the last complete year (2011) and was used to determine other wage-indexed numbers given in the table below.
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%