Provides a succinct, comprehensive, and detailed explanation of the federal old-age, survivor's and disability insurance programs under the Social Security Act.The book explains who is covered by the Social Security system, liability for the tax, how a worker acquires "insured status" required for benefit eligibility and the conditions of entitlement to the various kinds of Social Security benefits.
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Social Security beneficiaries will see only a minor 1.7% increase in their monthly checks in 2013. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,261 for all retired workers in 2013, $21 a month more than in 2012. The COLA increase will be applied to this coming year's benefits, beginning with benefits for December 2012, which are payable in January 2013.
The amount of earnings subject to taxation under FICA and SECA, the "wage base," is also going up in 2013. The 2013 wage base of $113,700 is $3,600 higher than the 2012 amount of $110,100.
The benefit and wage base increases for 2013 were announced October 16 by the Social Security Administration in a press release.
The tax increase will show up in the FICA tax deducted from the paychecks of those individuals earning above the 2012 wage base of $110,100. Although the tax rate for the Old-Age, Survivors and Disability Insurance (OASDI) portion of the tax under the FICA has held steady at 6.2% since 1990, the amount of wages subject to tax increases each year based on increases in the national average wage.
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Social Security Benefits Including Medicare, 2013 Edition
Provides a concise but meaningful explanation of the Social Security retirement, survivors, and disability benefits programs. Learn More »
Summary of Law Updates
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