Copyright © 2008 The Money Alert.com. All rights reserved.
The Money Alert
Robert Valentine, Ca. Insurance License# 0C23496, is a Registered Investment Advisor Representative with Crown Wealth Management, a Registered Investment Advisor and a registered
representative with Securities America, Inc., a Registered Broker Dealer. Securities offered through Securities America, Inc., Member NASD/SIPC. Crown Wealth Management and
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Maximum earnings before Social Security benefits are reduced
|
| |
2007
|
2008
|
Before full retirement age (lose $1 for every $2 of
earnings) over
|
$12,960
|
$13,560
|
Year of full retirement age
|
$34,440
|
$36,120
|
After full retirement
|
No limit
|
No limit
|
|
Maximum compensation subject to FICA taxes
|
| |
2007
|
2008
|
OASDI (Social Security) maximum
|
$97,500
|
$102,000
|
HI (Medicare) maximum
|
No Limit
|
No Limit
|
|
OASDI Tax Rate
|
| |
2007
|
2008
|
Employee
|
7.65%
|
7.65%
|
Self-Employed
|
15.30%
|
15.30%
|
NOTE: The 7.65% tax rate is the combined rate for Social Security, inclusive of 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.
|
|
Social Security Full Retirement Age
|
Year of birth
|
Age full benefits
|
1937 or earlier
|
65
|
1938
|
65 & 2 months
|
1939
|
65 & 4 months
|
1940
|
65 & 6 months
|
1941
|
65 & 8 months
|
1942
|
65 & 10 months
|
1943-1954
|
66
|
1955
|
66 & 2 months
|
1956
|
66 & 4 months
|
1957
|
66 & 6 months
|
1958
|
66 & 8 months
|
1959
|
66 & 10 months
|
1960 & later
|
67
|
|
Base amount of modified AGI causing Social Security benefits to be taxable
|
| |
50% taxable
|
85% taxable
|
Married Filing Jointly
|
$32,000 - $44,000
|
$44,001 +
|
Single
|
$25,000 - $34,000
|
$34,001 +
|
|
Social Security Benefits Table
|
|
Base amount of modified AGI causing Social Security benefits to be taxable
|
|
Maximum earnings before Social Security benefits are reduced
|
|
Maximum compensation subject to FICA taxes
|
|
|
Social Security Full Retirement Age
|
|
|
|
|
