Social Security and the Internal Revenue Service (IRS) have released cost-of-living numbers for 2015. They are as follows:
Social Security
- For 2015 there is a 1.7% COLA increase for Social Security benefits.[1]
- The Maximum Social Security benefit for a single individual retiring at full retirement age[2] $2,663
- Supplemental Security Income (SSI) – Single[3] $733
- Supplemental Security Income (SSI) – Couple[4]$ 1,100
- Supplemental Security Income (SSI) – Essential Person[5] $367
- Maximum Annual SSI benefit – Single[6] $8,796
- Maximum Annual SSI benefit – Couple[7] $13,200
- Substantial Gainful Activity (SGA) – Disabled[8] $1,090
- SGA – Blind[9] $1,820
- Tax Rate Employer and Employee calculated separately[10] 65%
(includes OASDI and Medicare)
Add an additional .09% for individuals earning more than $200,000 or married couples earning more than $250,000
- Tax Rate Self Employed[11] 30%
- Trial Work Period[12] $780
- Maximum Social Security Wage Base[13] $118,500
- Quarter of Coverage[14] $1,220
IRS
- Annual Gift Tax Exclusion[15] $14,000
- Gifts to Non-Citizen Spouse[16] $147,000
- Income Level/Maximum Tax Estates and Trust[17] $12,300
- Income Level/Maximum Single Individual Income Tax[18] $413,200
- Federal Estate Tax Exemption[19] $5,430,000
- Personal Exemption[20] $4,000
- FICA Wage Threshold[21] Domestic Workers $1,900
- FUTA Wage Base[22] $7,000
- Maximum IRA Contribution[23] $5,500
- “Catchup” IRA Contribution[24] $1,000
- Applicable Allowable AGI Limit Roth IRA Single Taxpayer[25] $116,000 – $131,000
- Applicable Allowable AGI Limit Roth IRA Married Taxpayer Filing Jointly[26] $183,000 – $193,000
- Medicare Tax on Earned Incomes over $200,000 – Single; over $250,000 – Married[27] 0.9%
- Medicare Tax on Unearned Incomes over $200,000 – Single; over $250,000 – Married[28] 3.8%
[1] 79 Fed. Reg. 64455 (Oct. 29, 2014).
[2] 2015 Social Security Changes, www.socialsecurity.gov.
[3] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[4] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[5] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[6] 79 Fed. Reg. 64457 (Oct. 29, 2014).
[7] 79 Fed. Reg. 64457 (Oct. 29, 2014).
[8] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[9] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[10] 2015 Social Security Changes, www.socialsecurity.gov.
[11] 2015 Social Security Changes, www.socialsecurity.gov.
[12] 79 Fed. Reg. 64460 (Oct. 29, 2014).
[13] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[14] 79 Fed. Reg. 64456 (Oct. 29, 2014).
[15] I.R.C. §2503; Rev. Proc. 2014-61(3)(.35)(1).
[16] I.R.C. §2523; Rev. Proc. 2014-61(3)(.35)(2).
[17] I.R.C. §1(e); Rev. Proc. 2014-61(3)(.01) Table 5 Section 1(e).
[18] I.R.C. §1(c); Rev. Proc. 2014-61(3)(.01) Table 3 Section 1(c).
[19] I.R.C. §2010; Rev. Proc. 2014-61(3)(.33).
[20] I.R.C. §151; Rev. Proc. 2014-61(3)(.24).
[21] 78 Fed. Reg. 66413 (Nov. 5, 2013).
[22] IRC § 3306(b)(1).
[23] IRC § 219(b)(5)(A);IR-2013-86 (Oct. 31, 2013).
[24] IRC § 219(b)(5)(B); IR-2013-86 (Oct. 31, 2013).
[25] IR-2014-99 (Oct. 23, 2014).
[26] IR-2014-99 (Oct. 23, 2014).
[27] IRC § 3101(b).
[28] IRC § 1411.
