Howell & Associates Advanced Planning - Green Bay, Wisconsin


Social Security Facts

2015 Social Security taxes
• You pay 6.2 percent and your employer pays 6.2 percent.
• If you’re self-employed, you pay 12.4 percent.
• You don’t pay Social Security taxes on earnings greater than $118,500.

2015 Medicare taxes
• You and your employer each pay 1.45 percent.
• If you’re self-employed, you pay 2.9 percent.
• Medicare taxes are paid on all of your earnings; there is no limit.
• There are additional Medicare taxes for higher-income workers.

Work credits in 2015
• For each $1,220 you earn, you receive one Social Security “credit,” up to four per year.
• Most people need 40 credits to be eligible for retirement benefits.
• Younger people need fewer credits to qualify for disability benefits or for their family members to be eligible for survivors benefits.

Average 2015 monthly Social Security benefits
• Retired worker: $1,328
• Retired couple: $2,176
• Disabled worker: $1,165
• Disabled worker with a spouse and child: $1,976
• Widow or widower: $1,274
• Young widow or widower with two children: $2,680

2015 monthly SSI payment rates
(doesn’t include state supplement, if any)
• $733 for an individual
• $1,100 for a couple