DiSabatino CPA Blog

Mike DiSabatino CPA

2 minutes reading time (367 words)

2015 Social Security Benefits Announced

2015 Social Security Benefits Announced

The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2015 by 1.7%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2014. In addition, other figures based on the national average wage index will also be changed. A recap of the key amounts is outlined here:

2015 Key Social Security Benefits

2015 Social Security Benefits

What does it mean for you?

  • Up to $118,500 in wages will be subject to Social Security Taxes (up $1,500 or $93 in additional Social Security tax per employee and per employer)
  • The average Social Security retirement beneficiary will receive an additional $264 in 2015.
  • For all retired workers receiving Social Security retirement benefits the average monthly benefit of $1,306/mo. in 2014 will become $1,328/mo. in 2015.
  • SSI (Supplemental Security Income) is the standard payment for people in need. To qualify for this payment you must have little income and few resources ($2,000 if single/$3,000 if married).
  • A full-time student who is blind or disabled can still receive Supplemental Security Income (SSI) benefits as long as earned income does not exceed the student exclusion amounts listed above.

Social Security & Medicare Rates

After temporary payroll tax rate cuts that ended in 2012, the rates do not change from 2014 to 2015.

2015 Withholding Limits

Note: The above tax rates are a combination of 6.20% Social Security and 1.45% for Medicare. There is also a Medicare .9% wages surtax that began in 2013 for those with wages above $200,000 single ($250,000 joint filers) that is not reflected in these figures. Please recall that your employer also pays Social Security and Medicare taxes on your behalf. These figures are reflected in the self-employed tax rates, as self-employed individuals pay both halves of the tax.

Check with us if you would like more information about making tax-free gifts in your situation.

DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com

This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here.  All rights reserved.

0
Four tips for organizing your finances
November 2014 DiSabatino CPA Newsletter

Related Posts

 

Speed Up Your Success!

Contact Us Today: 1-805-389-7300

© 2006-2018 Michael DiSabatino, CPA. All Rights Reserved.