{"id":7163,"date":"2013-10-30T12:09:21","date_gmt":"2013-10-30T16:09:21","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=7163"},"modified":"2013-11-05T17:17:36","modified_gmt":"2013-11-05T21:17:36","slug":"tip-of-the-week-social-security-administration-announces-2014-increases","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2013\/10\/tip-of-the-week-social-security-administration-announces-2014-increases\/","title":{"rendered":"Tip of the Week: Social Security Administration Announces 2014 Increases"},"content":{"rendered":"
\r\n\t\"Acting<\/a>\r\n\t
Acting Commissioner of Social Security Carolyn W. Colvin<\/div>\r\n<\/div>The Social Security Administration<\/span><\/a> announced today <\/span>that the Maximum Taxable Earnings or Social Security Wage Base would increase from $113,700 in 2013 to $117,000 in 2014.<\/p>\n

Social Security Increases Based on CPI Change<\/strong><\/p>\n

Since there was a 1.5% increase in the Consumer Price Index (CPI-W) from the third quarter of 2012 to the third quarter of 2013, the Social Security Administration announced a 1.5% cost-of-living adjustment for 2014.<\/strong> This compares to a 1.7% increase in 2013. The wage base increase is based on an increase in the national average wage index. Wages are taxed at 6.2%, so the maximum tax to be paid by each employee at that rate would be $7,254.00. About 6% of workers<\/strong> who pay Social Security Tax are expected to reach the maximum in 2014.<\/p>\n

Retirement Earnings Test Exempt Amounts Increase for 2014<\/strong><\/p>\n

For workers under full retirement age who are receiving Social Security benefits, $1 in benefits is withheld for every $2 above the Retirement Earnings Test Exempt Amount of $15,120 per year or $1,260 per month in 2013. This will increase to $15,480 per year or $1,290 per month for 2014. The year an individual reaches full retirement age, $1 in benefits is withheld for every $3 above the Retirement Earnings Test Exempt Amount of $40,080 per year or $3,340 per month in 2013. This will increase to $41,400 per year or $3,450 per month for 2014. The month an individual reaches full retirement age there is no limit on earnings.<\/p>\n

Quarter of Coverage Amounts Increases to $1,160<\/strong><\/p>\n

Also increasing for 2014 is that amount needed to earn a Social Security credit, formerly known as a quarter of coverage. In 2013, a credit is earned for every $1,160 of earnings, up to a maximum of four credits. That amount will increase to $1,200 for 2014.<\/p>\n

Social Security Monthly Benefits to Increase in January 2014<\/strong><\/p>\n

The maximum benefit for a worker retiring at full retirement age is also increasing from $2,533 to $2,642. See the table below for other changes in Social Security benefits for 2014.<\/p>\n

2014 Social Security Benefits<\/h2>\n\n\n\n\t\n\t\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
<\/th>2013<\/th>2014<\/th>\n\t<\/tr>\n<\/thead>\n
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Maximum Benefit:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Worker Retiring at Full Retirement Age<\/td>$2,533 per month<\/td>$2,642 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Federal Payment Standard:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Individual<\/td>$710 per month<\/td>$721 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Couple<\/td>$1,066 per month<\/td>$1,082 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Resources Limit:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Individual<\/td>$2,000<\/td>$2,000<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Couple<\/td>$3,000<\/td>$3,000<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
SSI Student Exclusion:<\/td><\/td><\/td>\n\t<\/tr>\n\t
Monthly Limit<\/td>$1,730<\/td>$1,750<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Annual Limit<\/td>$6,960<\/td>$7,060<\/td>\n\t<\/tr>\n<\/tbody>\n<\/table>\n\n

Contact Vision Payroll Today<\/strong><\/p>\n

Contact Vision Payroll<\/span><\/a> if you have any questions on the Social Security changes for 2014 or get further information at Important Facts and Figures<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Acting Commissioner of Social Security Carolyn W. Colvin The Social Security Administration announced today that the Maximum Taxable Earnings or Social Security Wage Base would increase from $113,700 in 2013 to $117,000 in 2014. Social Security Increases Based on CPI Change Since there was a 1.5% increase in the Consumer Price Index (CPI-W) from the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1758,1201,120,263,28,242],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7163"}],"collection":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/comments?post=7163"}],"version-history":[{"count":6,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7163\/revisions"}],"predecessor-version":[{"id":7183,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7163\/revisions\/7183"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=7163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=7163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=7163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}