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Social Security Highlights (2000 - 2004)
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2000 |
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2001 |
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2002 |
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2003 |
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2004 |
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Maximum amount a person can earn and still receive full
benefits: |
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 Under
Age 65 |
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$10,080 |
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$10,680 |
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$11,280 |
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$11,520 |
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$11,640 |
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Ages
65-69 |
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No Limit (5) |
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No Limit (5) |
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No Limit (5) |
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No Limit (5) |
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No Limit (5) |
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Age
70 and Over |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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Maximum earnings subject to: |
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Social
Security Tax |
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$76.200 |
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$80,400 |
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$84,900 |
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$87,000 |
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$87,900 |
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Medicare
Tax |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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Rate of tax: (1) (2) |
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Social
Security |
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12.40% |
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12.40% |
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12.40% |
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12.40% |
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12.40% |
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Medicare |
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2.90% |
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2.90% |
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2.90% |
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2.90% |
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2.90% |
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Maximum tax paid by: |
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Employee |
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Social
Security |
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$4,724.40 |
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$4,984.80 |
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$5,263.80 |
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$5,394.00 |
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$5,449.00 |
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Medicare |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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Self-Employed
(3) |
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Social
Security |
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$9,448.80 |
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$9.969.60 |
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$10,527.60 |
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$10,788.00 |
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$10,898.00 |
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Medicare |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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No Limit |
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Amount needed to earn one quarter of coverage: |
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$780 |
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$830 |
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$870 |
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$890 |
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$900 |
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Medicare Premium: |
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Part
A (4) |
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$301.00/month |
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$300.00/month |
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$319.00/month |
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$316.00/month |
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$343.00/month |
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Part
B |
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$45.50/month |
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$50.00/month |
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$54.00/month |
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$58.70/month |
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$66.60/month |
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Hospital Deductible |
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$776 |
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$792 |
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$812 |
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$840 |
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$876 |
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