Please see link below for 2012 social security benefit amounts and other key figures, such as threshold amount for SGA and trial work period under SSDI: http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2012.htm
2012 Social Security Changes
Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 through the third quarter of 2011, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 3.6 percent COLA for 2012. Other important 2012 Social Security information is as follows:
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Tax Rate: |
2011 |
2012 |
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Employee |
7.65%* |
7.65% |
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Self-Employed |
15.30%* |
15.30% |
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NOTE: The 7.65% tax rate is the combined rate for Social Security and 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. * Section 601 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reduced, for wages and salaries paid in calendar year 2011 and self-employment income in calendar year 2011, the OASDI payroll tax by 2 percentage points, applied to the portion of the tax paid by the worker and the self-employed individual. |
Section 101 of the Temporary Payroll Tax Cut Continuation Act of 2011 extends the reduction of the tax rate (see * underNOTE in previous column) through the end of February 2012. (The reduced tax rate for earnings in 2012 applies only to the first $18,350 of a worker’s total wages and self-employment income. The limit of $18,350 is two-twelfths of the $110,100 taxable earnings limit for 2012.) Unless additional legislation is approved, the tax rate will then revert to the unreduced rate. |
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Maximum Taxable Earnings: |
2011 |
2012 |
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Social Security (OASDI only) |
$106,800 |
$110,100 |
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Medicare (HI only) |
N o L i m i t |
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Quarter of Coverage: |
2011 |
2012 |
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Earnings needed to earn one Social Security Credit |
$1,120 |
$1,130 |
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Retirement Earnings Test Exempt Amounts: |
2011 |
2012 |
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Under full retirement age NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit. |
$14,160/yr. ($1,180/mo.) |
$14,640/yr. ($1,220/mo.) |
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The year an individual reaches full retirement age NOTE: Applies only to earnings for months prior to attaining full retirement age. One dollar in benefits will be withheld for every $3 in earnings above the limit. There is no limit on earnings beginning the month an individual attains full retirement age. |
$37,680/yr. ($3,140/mo.) |
$38,880/yr. ($3,240/mo.) |
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Social Security Disability Thresholds: |
2011 |
2012 |
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Substantial Gainful Activity (SGA) Non-Blind Blind |
$1,000/mo. $1,640/mo. |
$1,010/mo. $1,690/mo. |
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Trial Work Period (TWP) |
$720/mo. |
$720/mo. |
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Maximum Social Security Benefit: Worker Retiring at Full Retirement Age: |
2011 |
2012 |
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$2,366/mo. |
$2,513/mo. |
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SSI Federal Payment Standard: |
2011 |
2012 |
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Individual |
$674/mo. |
$698/mo. |
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Couple |
$1,011/mo. |
$1,048/mo. |
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SSI Resources Limits: |
2011 |
2012 |
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Individual |
$2,000 |
$2,000 |
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Couple |
$3,000 |
$3,000 |
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SSI Student Exclusion: |
2011 |
2012 |
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Monthly limit |
$1,640 |
$1,700 |
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Annual limit |
$6,600 |
$6,840 |
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Estimated Average Monthly Social Security Benefits Payable in January 2012: |
Before 3.6% COLA |
After 3.6% COLA |
|
All Retired Workers |
$1,186 |
$1,229 |
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Aged Couple, Both Receiving Benefits |
$1,925 |
$1,994 |
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Widowed Mother and Two Children |
$2,455 |
$2,543 |
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Aged Widow(er) Alone |
$1,143 |
$1,184 |
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Disabled Worker, Spouse and One or More Children |
$1,826 |
$1,892 |
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All Disabled Workers |
$1,072 |
$1,111 |