Social Security / Medicare
Social Security Contribution Limits
2018 - $128,400
Social Security Tax Rate
Employee - 6.2%
Employer - 6.2%
Medicare Contribution Limits
2018 - None, All income is taxed. Additional tax on high earners.
Medicare Tax Rate
Employee - 1.45%
Additional - 0.9% on income over $200,000 for Singles and $250,000 On Married Filing Jointly
Employer - 1.45%
Social Security Benefits
Base Amount of Modified AGI causing Social Security benefits to be taxable in 2018
MAGI |
Not Taxable |
Up to 50% Taxable |
Up to 85% Taxable |
Married Filing Jointly |
Under $32,000 |
$32,000-$44,000 |
Over $44,000 |
Single |
Under $25,000 |
$25,000-$34,000 |
Over $34,000 |
Full Retirement Age
Year of Birth |
Full Retirement Age |
Year of Birth |
Full Retirement Age |
1937 |
65 |
1955 |
66yr 2mo |
1938 |
65yr 2mo |
1956 |
66yr 4mo |
1939 |
65yr 4mo |
1957 |
66yr 6mo |
1940 |
65yr 6mo |
1958 |
66yr 8mo |
1941 |
65yr 8mo |
1959 |
66yr 10mo |
1942 |
65yr 10mo |
1960+ |
67 |
1943-1954 |
66 |
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You can still retire when you are 62 but you will only recieve a portion of your benefits. A chart can be found here.
Maximum Earnings before Social Security benefits are reduced
In 2018 |
Limit |
How Much |
Before Full Retirement |
$17,040 |
Lose $1 for every $2 of earnings |
Year of Full Retirement |
$45,360 |
Lose $1 for every $3 of earnings |
After Full Retirement |
No Limit |
Not Reduced |