Social Security

Social Security Information...
Changes for 2008
Social Security Wage Base	$102,000
Employers and employees pay Social Security tax, (FICA) 6.20% from wages up to $102,000. Medicare tax, 1.45% is paid on all wages. Employees earn one Social Security credit for each $1,050 in earnings up to a maximum of four credits for the year.
Caution For Social Security Beneficiaries Electing to Receive Benefits Prior To Full Retirement Age
Eligible Social Security beneficiaries may elect to receive benefits at age 62. However, a reduction of social security benefits may occur until you reach normal retirement age.
	Maximum Earnings	Reduction
Prior to the Year of Normal Retirement Age	$13,560	$1 for every $2 earned over $13,560
The Year Of Normal Retirement Age	$36,120	$1 for every $3 earned over $36,120
Normal Retirement Age	Unlimited
Earnings Test
In April 2000, Congress eliminated the earning test at the full social security retirement age. Under the former law, persons under age 70 receiving Social Security forfeited a portion of their social security retirement benefit if they earned wages over a specified amount. Now the earnings test is eliminated at your "full retirement age" - currently age 65. The chart below will show your own "full retirement age."