RRB Reminders

RRB Reminders for 2023

2023 TIER I EARNINGS BASE AND TAX RATES

Annual Maximum – $160,200.00
Employee and Employer Tax Rate – 6.2%
Maximum Payable by an Employee & Employer – $9,932.40

2023 TIER II EARNINGS BASE AND TAX RATES

Annual Maximum – $118,800.00
Employee Tax Rate – 4.9%
Maximum Payable by an Employee – $5,821,20
Employer Tax Rate – 13.1%
Maximum Payable by an Employer – $15,562.80

2023 MEDICARE HOSPITAL INSURANCE EARNINGS BASE AND TAX RATES

Annual Maximum – No Limit
Employee and Employer Tax Rate – 1.45%

TOTAL TIER I, TIER II & MEDICARE HOSPITAL INSURANCE MAXIMUM TAX

Based on earnings of $160,200.00
Maximum Payable by an Employee – $18,076.50
Maximum Payable by an Employer – $27,818.10
(Additional Taxes are 0.9% of Earnings Above
$200,000.00 – Filing Individually)

SSA QUARTER OF COVERAGE EARNINGS NEEDED

In 2021 – $1,640.00 (Earn up to 4 Quarters per Year)

2023 EMPLOYER RUIA TAX RATE

2.15% TO 12.0% on First $1,895.00 per month

EMPLOYEE RUIA 2022 QUALIFYING EARNINGS

For Benefit Year 2023 (Beginning July 1, 2023) – $4,387.50

RUIA DAILY BENEFIT RATE

For Benefit Year 2023 (Beginning July 1, 2023) – $87.00

BASIC MEDICARE PREMIUM

Part B beginning in 2023 – $164.90

COST-OF-LIVING – DECEMBER 2022

Tier I – 8.7%; Tier II – 2.8%

WORK DEDUCTIONS EXEMPT AMOUNTS*

Retirement and Survivor Work Deduction Limitations
Annuitants Attaining Full Retirement Age (FRA)
(For Months Prior to FRA in the Calendar Year)
Monthly – $4,710.00; Annually – $56,520.00
($1.00 Deduction for Each $3.00 of Excess Earnings)

Under FRA
(If Under FRA for the Entire Calendar Year)
Monthly – $1,770.00; Annually – $21,240.00
($1.00 Deduction for Each $2.00 of Excess Earnings)

Disability Earnings Limitations Amounts
Monthly – $1,150.00; Annually – $14,375.00

*All Earnings Must be Reported by Calling 1-877-772-5772.
Failure to Report Earnings Could Lead to Penalties.