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American Administration Services Company
U.S. Social Security Administration Fact Sheet
2003 SOCIAL SECURITY CHANGES
(aquí en Español)
| 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. |
| 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 Source: Internal Revenue Service |
||
