{"id":7342,"date":"2014-10-22T17:29:30","date_gmt":"2014-10-22T21:29:30","guid":{"rendered":"https:\/\/old.visionpayroll.com\/kb\/?p=7342"},"modified":"2014-10-22T17:29:30","modified_gmt":"2014-10-22T21:29:30","slug":"tip-of-the-week-social-security-administration-announces-2015-increases","status":"publish","type":"post","link":"https:\/\/old.visionpayroll.com\/kb\/2014\/10\/tip-of-the-week-social-security-administration-announces-2015-increases\/","title":{"rendered":"Tip of the Week: Social Security Administration Announces 2015 Increases"},"content":{"rendered":"

The Social Security Administration<\/a> announced today that the Maximum Taxable Earnings or Social Security Wage Base would increase from $117,000 in 2014 to $118,500 in 2015.<\/p>\n

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

Since there was a 1.7% increase in the Consumer Price Index (CPI-W) from the third quarter of 2013 to the third quarter of 2014, the Social Security Administration announced a 1.7% cost-of-living adjustment for 2014.<\/strong> This compares to a 1.5% increase in 2014. 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 $7,347.00. About 6% of workers who pay Social Security Tax are expected to reach the maximum in 2015.<\/p>\n

Retirement Earnings Test Exempt Amounts Increase for 2015<\/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 $15,480 per year or $1,290 per month in 2014. This will increase to $15,720 per year or $1,310 per month for 2015. The year an individual reaches full retirement age, $1 in benefits is withheld for every $3 above the Retirement Earnings Test Exempt Amount of $41,400 per year or $3,450 per month in 2014. This will increase to $41,880 per year or $3,490 per month for 2015. 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 2015 is that amount needed to earn a Social Security credit, formerly known as a quarter of coverage. In 2014, a credit is earned for every $1,200 of earnings, up to a maximum of four credits. That amount will increase to $1,220 for 2015.<\/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 $2,642 to $2,663. See the table below for other changes in Social Security benefits for 2015.<\/p>\n

2015 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>2014<\/th>2015<\/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>$2,642 per month<\/td>$2,663 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>$721 per month<\/td>$733 per month<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Couple<\/td>$1,082 per month<\/td>$1,100 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>$1,750<\/td>$1,780<\/td>\n\t<\/tr>\n\t
<\/td><\/td><\/td>\n\t<\/tr>\n\t
Annual Limit<\/td>$7,060<\/td>$7,180<\/td>\n\t<\/tr>\n<\/tbody>\n<\/table>\n\n

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

Contact Vision Payroll<\/a> if you have any questions on the Social Security changes for 2015 or get further information at Important Facts and Figures<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Social Security Administration announced today that the Maximum Taxable Earnings or Social Security Wage Base would increase from $117,000 in 2014 to $118,500 in 2015. Social Security Increases Based on CPI Change Since there was a 1.7% increase in the Consumer Price Index (CPI-W) from the third quarter of 2013 to the third quarter […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[1777,1202,120,263,28,242],"_links":{"self":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7342"}],"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=7342"}],"version-history":[{"count":4,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7342\/revisions"}],"predecessor-version":[{"id":7346,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/posts\/7342\/revisions\/7346"}],"wp:attachment":[{"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/media?parent=7342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/categories?post=7342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/old.visionpayroll.com\/kb\/wp-json\/wp\/v2\/tags?post=7342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}