2024 TIER I EARNINGS BASE AND TAX RATES
Annual Maximum - $168,600
Employee and Employer Tax Rate – 6.2%
Maximum Payable by an Employee & Employer - $10,453.20
2024 TIER II EARNINGS BASE AND TAX RATES
Annual Maximum - $125,100
Employee Tax Rate – 4.9%
Maximum Payable by an Employee - $6,129.90
Employer Tax Rate – 13.1%
Maximum Payable by an Employer - $16,388.10
2024 MEDICARE HOSPITAL INSURANCE
EARNINGS BASE AND TAX RATES
Annual Maximum - No Limit
Employee and Employer Tax Rate – 1.45%
TOTAL TIER I, TIER II, & MEDICARE
HOSPITAL INSURANCE MAXIMUM TAX
Based on earnings of $168,600
Maximum Payable by an Employee - $19,027.80
Maximum Payable by an Employer - $29,286.00
(Additional Taxes are 0.9% of Earnings Above
$200,000.00 - Filing Individually)
SSA QUARTER OF COVERAGE EARNINGS NEEDED
In 2024 - $1,730.00 (Earn up to 4 quarters per year)
2024 EMPLOYER RUIA TAX RATE
0.65% to 12.0% on first $1,985.00 per month
EMPLOYEE RUIA 2023 QUALIFYING EARNINGS
For Benefit Year 2024 (Beginning July 1, 2024) - $4,737.50
RUIA DAILY BENEFIT RATE
For Benefit Year 2024 (Beginning July 1, 2024) - $94.00
BASIC MEDICARE PREMIUM
Part B beginning in 2024 - $174.70
COST-OF-LIVING INCREASE - DECEMBER 2023
Tier I – 3.2%; Tier II – 1.0%
WORK DEDUCTION EXEMPT AMOUNTS*
Retirement and Survivor Work Deduction Limitations
Annuitants Attaining Full Retirement Age (FRA)
(For Months Prior to FRA in the Calendar Year)
Monthly – $4,960.00; Annually – $59,520.00
($1.00 Deduction for Each $3.00 of Excess Earnings)
Under FRA
(If Under the FRA for the Entire Calendar Year)
Monthly - $1,860.00; Annually - $22,320.00
($1.00 Deduction for Each $2.00 of Excess Earnings)
Disability Earnings Limitations Amounts
Monthly - $1,210.00; Annually - $15,125.00
*All earnings must be reported by calling 1-877-772-5772.
Failure to report earnings could lead to penalties.