Your 2019 Social Security benefits recap | Accounting Services New Jersey

The Social Security Administration (SSA) made a 2.8 percent increase to monthly Social Security and Supplemental Security Income (SSI) benefits for 2019. Take a look at some of the most significant changes as you create and update your financial plan for 2019:

2019 Social Security benefit highlights

Up to $132,900 in wages will be subject to Social Security taxes (up $4,500 from 2018). This amounts to $8,239.80 in maximum annual employee Social Security payments.

Retirees under full retirement age can earn up to $17,640 before Social Security benefits are reduced, and up to $46,920 the year they reach full retirement age.

The estimated average monthly benefit will be $1,461 per month in 2019 for all retired workers receiving Social Security retirement benefits. This is an average increase of $39 per month.

The Social Security and Medicare tax rates do not change from 2018 to 2019 (7.65 percent for employees and 15.30 percent for self-employed).

Supplemental Security Income

SSI is a benefit for people who have disabilities, who are blind or who are 65 and older, and have limited income and resources. The benefit is $2,000 for single people and $3,000 married people. Children who are blind or have disabilities may also get SSI.

A full-time student who is blind or has a disability can still receive SSI benefits as long as earned income does not exceed the monthly and annual student exclusion amounts ($1,870/monthly and $7,550/yearly).

If you have questions about how your Social Security benefits affect your 2019tax plan, don't hesitate to contact our team of experts. Schedule time today: http://www.bas-pc.com/schedule.

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BAS is a South Jersey Public Accounting Firm that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area since 1971.

If you are new to our firm and would like to schedule a tax appointment, please contact Kim at 856-853-5422 x13 or kim@bas-pc.com.