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Your 2019 Social Security Benefits Recap | Accounting Services New Jersey

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By Author: Leon A. Elwell
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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.

ABOUT BAS

Countless businesses throughout the Tri-State area depend on BAS to handle all of their business accounting, payroll, and tax needs.

We encourage you to schedule a free, no obligation introductory call with us today to see how All-Inclusive Accounting can help your successful business truly excel.

Our Team

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.

More About the Author

Business Accounting Systems, P.C., is a South Jersey Public Accounting Firm located in West Deptford, New Jersey that has been providing excellence in servicing the accounting, payroll, and tax needs of independently owned small businesses throughout the Tri-State area. For More Info : Visit Here : https://www.bas-pc.com/

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