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SSA Updates Key Numbers for 2022

 

The Social Security Administration reviews key numbers each year and usually makes adjustments. In a recent release, the SSA announced what is and is not changing for 2022.

Here are the key changes:

  • The maximum taxable earnings for the Social Security portion rises from $142,800 to $147,000. (There is no limit on the Medicare portion.)
  • Exempt amounts under the earnings test rise from $18,960/year to $19,560/year. For those under normal retirement age, $1 in benefits will be withheld for every $2 in earnings above the limit.
  • The maximum benefit rises from $3,148/month to $3,345/month.
  • Social Security and Supplemental Security Income beneficiaries will receive a 5.9% COLA for 2022.

Not changing are:

  • The tax rates, which remain at 7.65% for employees and 15.30% for the self-employed.
  • The additional 0.9% in Medicare taxes for those earning at least $200,000 ($250,000 for married couples filing jointly).

This is just a summary. Further details, including disability threshold changes, are available on the SSA site.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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