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social security cola increase

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FinnKevin

The Social Security Administration has announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 5.9% for 2022. The chart below identifies key figures that are affected by the annual Cost-of-Living Adjustment (COLA) for the years 2020 through 2022.

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© 2021 Tax Materials, Inc.	 TheTaxBook News 1
Release Date: 10/14/21
Social Security COLA Increase
Cross References
•	www.ssa.gov
The Social Security Administration has announced that Social Security and Supplemen-
tal Security Income (SSI) benefits will increase by 5.9% for 2022.The chart below identi-
fies key figures that are affected by the annual Cost-of-Living Adjustment (COLA) for the
years 2020 through 2022.
Social Security and Medicare Highlights
2022 2021 2020
Social Security Benefits (COLA) increase. 5.9% 1.3% 1.6%
Maximum earnings subject to
	 Social Security tax $147,000.00 $142,800.00 $137,700.00
	 Medicare tax No Limit No Limit No Limit
Maximum Social Security tax
	Employee $9,114.00 $8,853.60 $8,537.40
	Self-employed $18,228.00 $17,707.20 $17,074.80
Maximum Medicare tax No Limit No Limit No Limit
Social Security tax rate
	Employee  6.20%  6.20%  6.20%
	Self-employed 12.40% 12.40% 12.40%
Medicare tax rate5
	Employee  1.45%  1.45%  1.45%
	Self-employed  2.90%  2.90%  2.90%
Earnings needed for one quarter of coverage. $1,510.00 $1,470.00 $1,410.00
Maximum earnings and still receive full Social Security benefits.
	 Under full retirement age1
$19,560.00 $18,960.00 $18,240.00
	 Year of full retirement age2
$51,960.00 $50,520.00 $48,600.00
	 Full retirement age3
No Limit No Limit No limit
Maximum Social Security monthly benefits at full
retirement age.
$3,345.00 $3,148.00 $3,011.00
Medicare premiums4
	 Part A (per month) $471.00 $458.00
	 Part B (per month) $148.50 $144.60
	 Hospital deductible $1,484.00 $1,408.00
1
	$1 in benefits is withheld for every $2 in earnings
above limit.
2
	Applies only to earnings for months prior to attaining
full retirement age. $1 in benefits is withheld for every
$3 in earnings above the limit.
3
	A person born in 1954 will reach full retirement age in
2020 at age 66. A person born in 1955 will reach full
retirement age in 2021 or 2022 at age 66 and 2 months.
A person born in 1956 will reach full retirement age in
2022 or 2023 at age 66 and 4 months.
4
	The Department of Health and Human Services
has not yet announced Medicare premium
changes for 2022. Standard monthly premiums
are listed for 2020 and 2021. High income
taxpayers may be subject to higher premiums.
5
	Medicare tax rate increases by 0.9% on wages
and SE income above the threshold amount,
plus 3.8% on unearned income above the
threshold amount.[
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social security cola increase

  • 1. © 2021 Tax Materials, Inc. TheTaxBook News 1 Release Date: 10/14/21 Social Security COLA Increase Cross References • www.ssa.gov The Social Security Administration has announced that Social Security and Supplemen- tal Security Income (SSI) benefits will increase by 5.9% for 2022.The chart below identi- fies key figures that are affected by the annual Cost-of-Living Adjustment (COLA) for the years 2020 through 2022. Social Security and Medicare Highlights 2022 2021 2020 Social Security Benefits (COLA) increase. 5.9% 1.3% 1.6% Maximum earnings subject to Social Security tax $147,000.00 $142,800.00 $137,700.00 Medicare tax No Limit No Limit No Limit Maximum Social Security tax Employee $9,114.00 $8,853.60 $8,537.40 Self-employed $18,228.00 $17,707.20 $17,074.80 Maximum Medicare tax No Limit No Limit No Limit Social Security tax rate Employee  6.20%  6.20%  6.20% Self-employed 12.40% 12.40% 12.40% Medicare tax rate5 Employee  1.45%  1.45%  1.45% Self-employed  2.90%  2.90%  2.90% Earnings needed for one quarter of coverage. $1,510.00 $1,470.00 $1,410.00 Maximum earnings and still receive full Social Security benefits. Under full retirement age1 $19,560.00 $18,960.00 $18,240.00 Year of full retirement age2 $51,960.00 $50,520.00 $48,600.00 Full retirement age3 No Limit No Limit No limit Maximum Social Security monthly benefits at full retirement age. $3,345.00 $3,148.00 $3,011.00 Medicare premiums4 Part A (per month) $471.00 $458.00 Part B (per month) $148.50 $144.60 Hospital deductible $1,484.00 $1,408.00 1 $1 in benefits is withheld for every $2 in earnings above limit. 2 Applies only to earnings for months prior to attaining full retirement age. $1 in benefits is withheld for every $3 in earnings above the limit. 3 A person born in 1954 will reach full retirement age in 2020 at age 66. A person born in 1955 will reach full retirement age in 2021 or 2022 at age 66 and 2 months. A person born in 1956 will reach full retirement age in 2022 or 2023 at age 66 and 4 months. 4 The Department of Health and Human Services has not yet announced Medicare premium changes for 2022. Standard monthly premiums are listed for 2020 and 2021. High income taxpayers may be subject to higher premiums. 5 Medicare tax rate increases by 0.9% on wages and SE income above the threshold amount, plus 3.8% on unearned income above the threshold amount.[ News