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U.S. Social Security Administration Fact Sheet

Social Security Online

2003 SOCIAL SECURITY CHANGES
(aquí en Español)

Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2001 through the third quarter of 2002, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 1.4 percent COLA for 2003. Other important 2003 Social Security information is as follows:
Tax Rate
2002
2003
Employee
7.65%
7.65%
-- Social Security Portion (OASDI)
6.20%
6.20%
-- Medicare Portion (HI)
1.45%
1.45%
Self-Employed
15.30%
15.30%
-- Social Security Portion (OASDI)
12.40%
12.40%
-- Medicare Portion (HI)
2.90%
2.90%

Maximum Earnings Taxable:
2002
2003
Social Security (OASDI only)
$84,900
$87,000
Medicare (HI only)
No Limit
2004 Social Security (OASDI only) Wage Base $87,900

Quarter of Coverage:
2002
2003
Earnings required
$870
$890

Retirement Earnings Test Exempt Amounts:
2002
2003
Under full retirement age
NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.
$11,280/yr.
($940/mo.)

$11,520/yr.
($960/mo.)

Year 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.
$30,000/yr.
($2,500/mo.)
$30,720/yr.
($2,560/mo.)
There is no limit on earnings beginning the month an individual attains full retirement age (65 for retirees born in 1937; 65 and 2 months for those born in 1938).

Social Security Disability Thresholds
2002
2003
Substantial Gainful Activity (SGA)
Non-Blind
$780/mo.
$800/mo.
Blind
$1,300/mo.
$1,330/mo.
Trial Work Period (TWP)
$560/mo.
$570/mo.

Maximum Social Security Benefit:
Worker Retiring at Full Retirement Age in
January 2002
(Age 65)
March 2003
(Age 65 and 2 months)
NOTE: For retirees born in 1937, full retirement age is 65; for those born in 1938, it is 65 and 2 months. Full retirement age will gradually increase to age 67 for those born in 1960 or later.
$1,660/mo.
$1,741/mo.

SSI Federal Payment Standard:
2002
2003
Individual
$545/mo.
$552/mo.
Couple
$817/mo
$829/mo.

SSI Resources Limits:
2002
2003
Individual
$2,000
$2,000
Couple
$3,000
$3,000

SSI Student Exclusion Limits:
2002
2003
Monthly Limit
$1,320
$1,340
Annual Limit
$5,340
$5,410

Estimated Average Monthly Social Security Benefits
Payable in January 2003:
Before
1.4% COLA
After
1.4% COLA
All Retired Workers
$ 882
$895
Aged Couple, Both Receiving Benefits
$1,463
$1,483
Widowed Mother and Two Children
$1,812
$1,838
Aged Widow(er) Alone
$ 850
$ 862
Disabled Worker, Spouse and
One or More Children
$1,376
$1,395
All Disabled Workers
$ 822
$ 833

WHO PAYS WHAT?

Here are some statistics for who paid what taxes in 2001.  Look at this folks.  The top 25% of income earners in this country are paying 83% of the taxes.  For those of you who went to government schools, that means that the bottom 75% of income earners in America are only paying 17.1% of the income taxes. Now .. the next time you hear some leftist ranting about "tax cuts for the rich" perhaps you'll see things a bit differently.

Percentiles Ranked by AGI

AGI Threshold on Percentiles

Percentage of Federal Personal Income Tax Paid

Top 1%

$292,913

33.89

Top 5%

$127,904

53.25

Top 10%

$92,754

64.89

Top 25%

$56,085

82.90

Top 50%

$28,528

96.03

Bottom 50%

<$28,528

3.97

Note:  AGI is Adjusted Gross Income      SourceInternal Revenue Service


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