1301. Maximum Earnings Creditable in any One Year
1301.1 What is the maximum amount of wages that can be credited to your record?
The following table lists the maximum amount of wages that can be credited to your Social Security record.
|
Year |
Maximum Earnings |
Year |
Maximum Earnings |
|---|---|---|---|
|
2007 |
$97,500 |
1985 |
$39,600 |
|
2006 |
$94,200 |
1984 |
$37,800 |
|
2005 |
$90,000 |
1983 |
$35,700 |
|
2004 |
$87,900 |
1982 |
$32,400 |
|
2003 |
$87,000 |
1981 |
$29,700 |
|
2002 |
$84,900 |
1980 |
$25,900 |
|
2001 |
$80,400 |
1979 |
$22,900 |
|
2000 |
$76,200 |
1978 |
$17,700 |
|
1999 |
$72,600 |
1977 |
$16,500 |
|
1998 |
$68,400 |
1976 |
$15,300 |
|
1997 |
$65,400 |
1975 |
$14,100 |
|
1996 |
$62,700 |
1974 |
$13,200 |
|
1995 |
$61,200 |
1973 |
$10,800 |
|
1994 |
$60,600 |
1972 |
$9,000 |
|
1993 |
$57,600 |
1968-1971 |
$7,800/year |
|
1992 |
$55,500 |
1967 |
$6,600 |
|
1991 |
$53,400 |
1966 |
$6,600 |
|
1990 |
$51,300 |
1959-1965 |
$4,800/year |
|
1989 |
$48,000 |
1955-1958 |
$4,200/year |
|
1988 |
$45,000 |
1951-1954 |
$3,600/year |
|
1987 |
$43,800 |
1940-1950 |
$3,000/year |
|
1986 |
$42,000 |
1937-1939 |
$3,000 per employer/year |
1301.2 How is the maximum wage amount increased each year?
For the years after 1981, the maximum wage amount is usually increased by Congress. If Congress does not increase the maximum amount, it is automatically increased in multiples of $300 if there is a cost-of-living increase in Social Security benefits. The increased amount is officially published in the Federal Register on or before November 1 of the year before it goes into effect.
Last Revised: Jan. 25, 2007
There are 3 Comments
ssdi
if i work part time,how much money can i earn each month without effecting my check status
sale of home
If I sale my home and move in with my children, will I need to pay any taxes from the sale of my home, or is any of this counted as wages? I am 92 years old, have Medicare and Blue Cross C+. I do not have Medicaid.
Tax treatment of sale of home
Proceeds from a home sale are not treated as wages. You may be liable for federal income taxes on any gain in the value of your home.
However, if you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. In general, you are eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its sale.
http://www.irs.gov/taxtopics/tc701.html