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Social Security Releases 2019 Program Rates & Limits

Tucker Law Group
October 12, 2018

The Social Security Administration has released the program rates for 2019.

2019 Social Security & Medicare Tax Rates on Payroll:

The Tax Rates for the Social Security (Old-Age, Survivors, and Disability Insurance) for Employers and Employees will each be 6.20%

The Medicare (Hospital Insurance) tax rate for Employers and Employees, each will be 1.45%.

Maximum Taxable Earnings:

Social Security:  $ 132,900
Medicare (Hospital Insurance):  No limit

Earnings Required for Work Credits:

One Work Credit (One Quarter of Coverage): $ 1,360
Maximum of Four Credits a Year:  $ 5,440

*Workers need credits in the Social Security System to be “insured” or covered.  You can earn up to 4 credits per year.  To do so, you will need to earn the amounts stated above, report them on your annual IRS Form 1040, and pay the appropriate taxes.

Earnings Test Annual Exempt Amount:

Under Full Retirement Age for Entire Year: $17,640

For Months Before Reaching Full Retirement Age in Given Year: $46,920

Beginning with Month Reaching Full Retirement Age:  No limit

Maximum Monthly Social Security Retirement Benefit for Workers Retiring at Full Retirement Age:   $2,861

*This is also the maximum rate for Social Security Disability payments.

Full Retirement Age for:  66

Cost-of-Living Adjustment

For 2019, the Social Security COLA will be 2%

Supplemental Security Income Program (SSI):

Monthly SSI Payments:
Individuals:  $ 771
Couples:        $ 1,157