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| 2003 | 2004 | |
|---|---|---|
| Tax Rates for Employers and Employees, Each a (percent) | ||
| Social Security | ||
| Old-Age and Survivors Insurance | 5.30 | 5.30 |
| Disability Insurance | 0.90 | 0.90 |
| Subtotal, Social Security | 6.20 | 6.20 |
| Medicare (Hospital Insurance) | 1.45 | 1.45 |
| Total | 7.65 | 7.65 |
| Maximum Taxable Earnings (dollars) | ||
| Social Security | 87,000 | 87,900 |
| Medicare (Hospital Insurance) | No limit | No limit |
| Earnings Required for Work Credits (dollars) | ||
| One Work Credit (One Quarter of Coverage) | 890 | 900 |
| Maximum of Four Credits a Year | 3,560 | 3,600 |
| Earnings Test Annual Exempt Amount | ||
| Under Full Retirement Age for Entire Year | 11,520 | 11,640 |
| For Months Before Reaching Full Retirement Age in Given Year | 30,720 | 31,080 |
| Beginning with Month Reaching Full Retirement Age | No limit | No limit |
| Cost-of-Living Adjustment (percent) | 1.4 | 2.1 |
| a. Self-employed persons pay a total of 15.3 | ||
| 2003 | 2004 | |
|---|---|---|
| Monthly Federal Payment Standard (dollars) | ||
| Individual | 552 | 564 |
| Couple | 829 | 846 |
| Cost-of-Living Adjustment (percent) | 1.4 | 2.1 |
| Resource Limits (dollars) | ||
| Individual | 2,000 | 2,000 |
| Couple | 3,000 | 3,000 |
| Monthly Income Exclusions (dollars) | ||
| Earned Income a | 65 | 65 |
| Unearned Income | 20 | 20 |
| Substantial Gainful Activity (SGA) Level | 800 | 810 | a. The earned income exclusion consists of the first $65 of monthly earnings, plus one-half of remaining earnings. |