According to the Social Security Administration the monthly Social Security and Supplemental Security Income
(SSI) benefits will increase by 1.7%
effective January 2015.
The Social Security Act ties the
annual COLA to the increase in the Consumer Price Index as determined by the
Department of Labor’s Bureau of Labor Statistics.
The monthly Medicare Part B premium
will remain $104.90 for 2015. Higher
income beneficiaries will pay a higher premium in 2015 based on 2013 AGI plus
tax-exempt municipal bond income.
If your
yearly income in 2013 (for what you pay in 2015) was
|
You pay
(in 2015)
|
||
File
individual tax return
|
File
joint tax return
|
File
married & separate tax return
|
|
$85,000
or less
|
$170,000
or less
|
$85,000
or less
|
$104.90
|
above
$85,000 up to $107,000
|
above
$170,000 up to $214,000
|
Not
applicable
|
$146.90
|
above
$107,000 up to $160,000
|
above
$214,000 up to $320,000
|
Not
applicable
|
$209.80
|
above
$160,000 up to $214,000
|
above
$320,000 up to $428,000
|
above
$85,000 and up to $129,000
|
$272.70
|
above
$214,000
|
above
$428,000
|
above
$129,000
|
$335.70
|
The maximum amount of earnings
subject to the Social Security tax (and the Social Security component of the
self-employment tax) will increase from $117,000 to $118,500 for 2015. The
maximum Social Security tax to be withheld from wages in 2015 will be $7,357.
And the maximum amount of the Social Security component of self-employment
tax will rise to $14,694 for 2015.
TTFN
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