Smedley Financial Services, Inc.®

Private Wealth Management Team Advisors
102 S 200 E Suite 100
PO Box 4133
Salt Lake City, UT 84110-4133
801-355-8888
800-748-4788
800-748-4788
info@smedleyfinancial.com
www.SmedleyFinancial.com

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August 01, 2023

2023 Key Numbers
 

Government Benefits

Social Security

Social Security Cost-of-living adjustment (COLA)20232024
For Social Security and Supplemental Security Income (SSI) beneficiaries8.70%3.20%
Tax rate--employee20232024
FICA tax -- Employee 7.65%7.65%
Social Security (OASDI) portion of tax 6.20%6.20%
Medicare (HI) portion of tax1.45%11.45%1
Tax rate--self-employed20232024
Self-Employed15.30%15.30%
Social Security (OASDI) portion of tax 12.40%12.40%
Medicare (HI) portion of tax2.90%12.90%1

1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).

Maximum taxable earnings20232024
Social Security (OASDI only)$160,200 $168,600
Medicare (HI only) No limit No Limit
Quarter of coverage20232024
Earnings required$1,640 $1,730
Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above:20232024
Yearly figure$21,240 $22,320
Monthly figure$1,770 $1,860
Retirement earnings test--exempt amounts--Year individual reaches full retirement age--Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):20232024
Yearly figure$56,520 $59,520
Monthly figure$4,710 $4,960
Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age20232024
No limit on earningsNo limit on earnings
Social Security disability thresholds20232024
Substantial gainful activity (SGA) for the sighted (monthly figure)$1,470 $1,550
Substantial gainful activity for the blind (monthly figure)$2,460 $2,590
Trial work period (TWP) (monthly figure)$1,050 $1,110
SSI federal payment standard20232024
Individual (monthly figure)$914 $943
Couple (monthly figure)$1,371 $1,415
SSI resource limits20232024
Individual$2,000 $2,000
Couple$3,000$3,000
SSI student exclusion limits20232024
Monthly limit$2,220 $2,290
Annual limit$8,950 $9,230
Maximum Social Security benefit20232024
Worker retiring at full retirement age (monthly figure)$3,627 $3,822
Formula for Monthly Primary Insurance Amount (PIA)20232024
(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)X=$1,115 Y=$6,721X=$1,174 Y=$7,078

Medicare

Medicare monthly premium amounts--Part A (hospital insurance) premium20232024
Individuals with 40 or more quarters of Medicare-covered employment$0 $0
Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insuranceUp to $506Up to $505
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is:
2023202420232024
Less than or equal to $97,000Less than or equal to $103,000$164.902$174.702
$97,001 - $123,000$103,001 - $129,000$230.80$244.60
$123,001 - $153,000$129,001 - $161,000$329.70$349.40
$153,001 - $183,000$161,001 - $193,000$428.60$454.20
$183,001 - $499,999$193,001 - $499,999$527.50$559.00
$500,000 and above$500,000 and above$560.50$594.00
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is:
2023202420232024
Less than or equal to $194,000Less than or equal to $206,000$164.902$174.702
$$194,001 - $246,000$206,001 - $258,000$230.80$244.60
$246,001 - $306,000$258,001 - $322,000$329.70$349.40
$$306,001 - $366,000$322,001 - $386,000$428.60 $454.20
$366,001 - $749,999$386,001 - $749,999$527.50$559.00
$750,000 and above$750,000 and above$560.50 $594.00
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is:
2023202420232024
Less than or equal to $97,000Less than or equal to $103,000$164.902$174.702
$97,001 - $402,999$103,001 - $396,999$544.30 $559.00
$403,000 and above$397,000 and above$527.50$594.00

2 This is the standard Part B premium amount. However, some people who get Social Security benefits will pay more or less than this amount.

Original Medicare plan deductible and coinsurance amounts--Part A (hospital insurance)20232024
Deductible per benefit period$1,600 $1,632
Coinsurance per day for 61st to 90th day of each benefit period$400$408
Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable)$800$816
Original Medicare plan deductible and coinsurance amounts20232024
Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period$200 $204
Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible20232024
Individual pays 20 percent of the Medicare-approved amount for services after deductible is met$226$240

Medicaid

Income threshold20232024
Monthly income threshold for income-cap states ("300 percent cap limit")$2,742$2,829
Monthly maintenance needs allowance for at-home spouse20232024
Minimum 3$2,288.75$2,465.00
Maximum$3,715.50$3.853.50
Community spousal resource allowance20232024
Minimum$29,724$30,828
Maximum$148,620$154,140

3 Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.

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Securities offered through Securities America, Inc., Member FINRA/SIPC. Roger M. Smedley, CFP®, Sharla J. Jessop, CFP®, James R. Derrick, CFA,  Mikal B. Aune, CFP®, Jordan R. Hadfield, CFP®and Shane P. Thomas, Registered Representatives and Registered Investment Advisor Representatives of Smedley Financial Services, Inc.® Smedley Financial Services, Inc.®, and Securities America, Inc. are separate entities. Securities America and its representatives do not provide tax or legal advice. Please consult the appropriate professionals regarding your personal situation.

Prepared by Broadridge Advisor Solutions Copyright 2024.