Honu Wealth Management
Garth A Williams, MBA, CFP®
Financial Advisor
1307 S Mary Ave, Suite 101
Sunnyvale, CA 94087
650-917-3400
garth@honuwealth.com
www.HonuWealth.com
 
 




2022 Key Numbers

 

Government Benefits

Social Security

Social Security Cost-of-living adjustment (COLA)20212022
For Social Security and Supplemental Security Income (SSI) beneficiaries1.30% 5.90%
Tax rate--employee20212022
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-employed20212022
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 earnings20212022
Social Security (OASDI only)$142,800 $147,000
Medicare (HI only)No limit No limit
Quarter of coverage20212022
Earnings required$1,470 $1,510
Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above:20212022
Yearly figure$18,960 $19,560
Monthly figure$1,580$1,630
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):20212022
Yearly figure$50,520 $51,960
Monthly figure$4,210$4,330
Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age20212022
No limit on earningsNo limit on earnings
Social Security disability thresholds20212022
Substantial gainful activity (SGA) for the sighted (monthly figure)$1,310 $1,350
Substantial gainful activity for the blind (monthly figure)$2,190$2,260
Trial work period (TWP) (monthly figure)$940 $970
SSI federal payment standard20212022
Individual (monthly figure)$794 $841
Couple (monthly figure)$1,191$1,261
SSI resource limits20212022
Individual$2,000 $2,000
Couple$3,000$3,000
SSI student exclusion limits20212022
Monthly limit$1,930$2,040
Annual limit $7,770$8,230
Maximum Social Security benefit20212022
Worker retiring at full retirement age (monthly figure) $3,148$3,345
Formula for Monthly Primary Insurance Amount (PIA)20212022
(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)X=$996 Y=$6,002X=$1,024 Y=$6,172

Medicare

Medicare monthly premium amounts--Part A (hospital insurance) premium20212022
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 $471Up to $499
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is:20212022
Less than or equal to $91,000 $148.502$170.102
$91,001 - $114,000$207.90$238.10
$114,001 - $142,000 $297.00$340.20
$142,001 - $170,000$386.10 $442.30
$170,001 - $499,999 $475.20$544.30
$500,000 and above$504.90$578.30
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is:20212022
Less than or equal to $182,000$148.502 $170.102
$182,001 - $228,000$207.90 $238.10
$228,001 - $284,000$297.00$340.20
$284,001 - $340,000 $386.10$442.30
$340,001 - $749,999 $475.20$544.30
$750,000 and above$504.90 $578.30
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:20212022
Less than or equal to $91,000$148.502$170.102
$91,001 - $408,999$475.20$544.30
$409,000 and above$504.90 $578.30

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)20212022
Deductible per benefit period$1,484 $1,556
Coinsurance per day for 61st to 90th day of each benefit period$371$389
Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable)$742$778
Original Medicare plan deductible and coinsurance amounts20212022
Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period$185.50$194.50
Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible20212022
Individual pays 20 percent of the Medicare-approved amount for services after deductible is met$203$233

Medicaid

Income threshold20212022
Monthly income threshold for income-cap states ("300 percent cap limit")$2,382 2,523
Monthly maintenance needs allowance for at-home spouse20212022
Minimum 3$2,155.00$2,177.50
Maximum$3,259.50TBD
Community spousal resource allowance20212022
Minimum$26,076.00TBD
Maximum$130,380.00TBD

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



This information was developed by Forefield, Inc. an independent third party. It is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2021.