2014 Social Security Changes

Wondering about all the new Social Security Changes? Let the QB Gal fill you in.
Cost-of-Living Adjustment (COLA):
Based on the increase in the Consumer Price Index ( CPI-W) from the third quarter of 2012 through the third quarter of 2013, Social Security and Supplemental Security Income ( SSI ) beneficiaries will receive a 1.5 percent COLA for 2014. Other important 2014 Social Security information is as follows:

Tax Rate:                                  2013                                                               2014

Employee                                    7.65%                                                             7.65%

Self-Employed                            15.30%                                                           15.30%

Note: The 7.65% tax rate is the combined rate for Social Security and Medicare. The Social Security portion ( OASDI )  is 6.20% on earnings up the applicable taxable maximum amount(see below). The Medicure portion (HI) is 1.45% on all earnings. Also, as of January 2013, individuals with earned income of more than $200,000 ($250,000 for married couples filing jointly) pay an additional 0.9 percent in Medicure taxes. The tax rates shown above do not include the 0.9 percent.

Maximum Taxable Earnings:

 Social Security  ( OASDI only)    $113,700                                                          $117,000

Medicare (HI only)                                                     NO LIMIT

Quarter of Coverage                  $ 1,160                                                            $1,200


Retirement Earning Test Exempt Amounts

Under full retirement age                 $15120/yr.                                                  $15,480/yr.
                                                      ($1,260/mo.)                                               ($1,290/mo.)

               NOTE: One dollar in benefits will be withheld for every $2 in earnings above the limit.

The year an individual reaches full     $40,080/yr                                                 $41,400/yr
  retirement age                                ($3,340/mo.)                                              ($3,450/mo.)

               NOTE: Applies only to earning \s for months prior to attaining full retirement age. One dollar in                      benefits will be withheld for every $3 in earning above the limit.

There is no limit on earnings beginning the month an individual attains full retirement.

Social Security Disability Thresholds: 

 Substantial Gainful Activity ( SGA )

Non-blind                                  $1,040/ mo                                                          $1,070/ mo

Blind                                          $1,740/ mo                                                          $1,800/mo

Trial Work Period ( TWP )        $750/mo                                                              $770/mo

Maximum Social Security Benefit : Worker Retiring at Full Retirement Age

                                                   $2,533/mo                                                         $2,642/ mo

SSI Federal Payment Standard:

 Individual                                   $710/mo                                                             $721/mo

Couple                                      $1,066/mo                                                          $1,082/mo

SSI Resource Limits:               

Individual                                 $2,000                                                               $2,000

Couple                                    $3,000                                                               $3,000

SSI Student Exclusion: 

 Monthly Limit                       $1,730                                                                 $1,750

Annual Limit                         $6,960                                                                 $7,060

Estimated Average Monthly Social Security Benfits Payable in January 2014:

                                          Before 1.5% COLA                                           After 1.5% COLA    

All Retired Workers                             $1,275                                                               $1,294

Aged Couple, Both Receiving Benefits   $2,080                                                               $2,111

Widowed Mother and Two Children      $2,583                                                               $2,622

Aged Widow(er) Alone                        $1,225                                                               $1,243

Disabled Worker, Spouse and             $1,914                                                               $1,943
One or More Children

All Disabled Workers                         $1,131                                                                $1,148


Hope this was helpful information. The QuickBooks Gal specializes in helping business owners with QuickBooks, Peachtree, Bookeeping, Payroll,training and support and so much more. If you got a QuickBooks mess call the QuickBooks Gal today! To reach the QuickBooks Gal today go to  http://www.qbgal.com/  or call 775-348-9225.  

Comments

Post a Comment

Popular posts from this blog

How to "Un" Apply Credits In QuickBooks

Image
Got a QuickBooks Mess? Call The QuickBooks Gal! Welcome to the QuickBooks Minute. I’m Jayne Miller, the QuickBooks Gal Recently, one of our Reno QuickBooks customers asked about "unapplying" credits in QuickBooks. While there are nicely labeled apply credits buttons, there are none marked unapply. This is the case for both customers (invoicing) and vendors (paying bills). So here is how it is done: For customers, it is a fairly easy process. Go to the invoice to which the credit was applied. Then click on the "Apply Credits" button. In the lower half of the new window that pops up is a list of Previously Applied Credits. Simply find the one, or ones you wish to unapply and click on the check mark next to it to make the check mark disappear. The credit will no longer be applied or tied to that invoice. For Vendors, i.e. bill payments, it is not as clean and simple. The only way to unapply a credit in such a case is to Delete the credit. You can then ...
Read more

QuickBooks Password Protection

QuickBooks now requires your employees to enter a password to view their pay stubs when you e-mail them. QuickBooks generates the passwords automatically; each password consists of the first four letters of the employee's last name followed by the last four digits of their Social Security number. Examples Name:                            SSN:                         Pay Stub Password: Ben Narramore              855-56-4545             narr4545 Deb D'Spain                  782-34-3419     ...
Read more

Changes to Quickbooks Online: April 2019

Image
Coming April, subscibers of Quickbooks Online will be experiencing some changes.  Here's what to expect: According to an email sent out by Quickbooks last week: " Beginning  April 10  and over the coming year, usage limits will go into effect for all QuickBooks Online Simple Start, Essentials, Plus, and Advanced customer". Quickbooks want to make sure they are giving their customers the ultimate experience for their buck. Therefore, they are implementing a variety of plans with usage limits to best fit your business. With this, Intuit has developed a Quickbooks Online Advanced edition for the most avid Quickbooks users who need the most capacity and functionality.  This being said, Quickbooks wants to make sure you are informed about adding additional users before the deadline, " You can stay in your current plan and keep all your data. But you won't be able to manually add an account, user, class or location if it will put you over the lim...
Read more