TN 5 (01-01)
RS 01801.100 Maximum Self-Employment Income and Cumulative Social Security Taxes Paid on SEI
EXHIBIT
|
Year
|
RSDI
RATE
%
|
HI
RATE
%
|
Maximum
SE Income
Taxable
|
Maximum
Annual Tax
Contribution
|
Taxes Paid
Cumulative
Total
|
|
1951
|
2.25
|
None
|
$ 3,600.00
|
$ 81.00
|
$ 81.00
|
|
1952
|
2.25
|
“
|
$ 3,600.00
|
$ 81.00
|
$ 162.00
|
|
1953
|
2.25
|
“
|
$ 3,600.00
|
$ 81.00
|
$ 243.00
|
|
1954
|
3.0
|
“
|
$ 3,600.00
|
$ 108.00
|
$ 351.00
|
|
1955
|
3.0
|
“
|
$ 4,200.00
|
$ 126.00
|
$ 477.00
|
|
1956
|
3.0
|
“
|
$ 4,200.00
|
$ 126.00
|
$ 603.00
|
|
1957
|
3.375
|
“
|
$ 4,200.00
|
$ 141.75
|
$ 744.75
|
|
1958
|
3.375
|
“
|
$ 4,200.00
|
$ 141.75
|
$ 866.50
|
|
1959
|
3.75
|
“
|
$ 4,800.00
|
$ 180.00
|
$ 1,066.50
|
|
1960
|
4.5
|
“
|
$ 4,800.00
|
$ 216.00
|
$ 1,282.50
|
|
1961
|
4.5
|
“
|
$ 4,800.00
|
$ 216.00
|
$ 1,498.50
|
|
1962
|
4.7
|
“
|
$ 4,800.00
|
$ 225.60
|
$ 1,724.10
|
|
1963
|
5.4
|
“
|
$ 4,800.00
|
$ 259.20
|
$ 1,983.30
|
|
1964
|
5.4
|
“
|
$ 4,800.00
|
$ 259.20
|
$ 2,242.50
|
|
1965
|
5.4
|
“
|
$ 4,800.00
|
$ 259.20
|
$ 2,501.70
|
|
1966
|
5.8
|
.35
|
$ 6,600.00
|
$ 405.90
|
$ 2,907.60
|
|
1967
|
5.9
|
.50
|
$ 6,600.00
|
$ 422.40
|
$ 3,330.00
|
|
1968
|
5.8
|
.60
|
$ 7,800.00
|
$ 499.20
|
$ 3,829.20
|
|
1969
|
6.3
|
.60
|
$ 7,800.00
|
$ 538.20
|
$ 4,367.40
|
|
1970
|
6.3
|
.60
|
$ 7,800.00
|
$ 538.20
|
$ 4,905.60
|
|
1971
|
6.9
|
.60
|
$ 7,800.00
|
$ 585.00
|
$ 5,490.60
|
|
1972
|
6.9
|
.60
|
$ 9,000.00
|
$ 675.00
|
$ 6,165.60
|
|
1973
|
7.0
|
1.00
|
$10,800.00
|
$ 864.00
|
$ 7,029.60
|
|
1974
|
7.0
|
.90
|
$13,200.00
|
$ 1,042.80
|
$ 8,072.40
|
|
1975
|
7.0
|
.90
|
$14,100.00
|
$ 1,113.90
|
$ 9,186.30
|
|
1976
|
7.0
|
.90
|
$15,300.00
|
$ 1,208.70
|
$ 10,395.00
|
|
1977
|
7.0
|
.90
|
$16,500.00
|
$ 1,303.50
|
$ 11,698.50
|
|
1978
|
7.1
|
1.00
|
$17,700.00
|
$ 1,433.70
|
$ 13,132.20
|
|
1979
|
7.05
|
1.05
|
$22,900.00
|
$ 1,854.90
|
$ 14,987.10
|
|
1980
|
7.05
|
1.05
|
$25,900.00
|
$ 2,097.90
|
$ 17,085.00
|
|
1981
|
8.00
|
1.30
|
$29,700.00
|
$ 2,762.10
|
$ 19,847.10
|
|
1982
|
8.05
|
1.30
|
$32,400.00
|
$ 3,029.40
|
$ 22,876.50
|
|
1983
|
8.05
|
1.30
|
$35,700.00
|
$ 3,337.95
|
$ 26,214.45
|
|
1984
|
(11.40)
|
(2.60)*
|
$37,800.00
|
$ 4,271.40
|
$ 30,485.85
|
|
1985
|
(11.40)
|
(2.70)*
|
$39,600.00
|
$ 4,672.80
|
$ 35,158.65
|
|
1986
|
(11.40)
|
(2.90)*
|
$42,000.00
|
$ 5,166.00
|
$ 40,324.65
|
|
1987
|
(11.40)
|
(2.90)*
|
$43,800.00
|
$ 5,387.40
|
$ 45,712.05
|
|
1988
|
(12.12)
|
(2.90)*
|
$45,000.00
|
$ 5,859.00
|
$ 51,571.05
|
|
1989
|
(12.12)
|
(2.90)*
|
$48,000.00
|
$ 6,249.60
|
$ 57,820.65
|
|
1990
|
15.3
|
|
$51,300.00
|
$ 7,848.90
|
$ 65,669.55
|
|
1991
|
15.3
|
|
$53.400.00
|
$ 8,170.20
|
$ 73,839.75
|
|
1992
|
15.3
|
|
$55,500.00
|
$ 8,491.50
|
$ 82,331.25
|
|
1993
|
15.3
|
|
$57,600.00
|
$ 8,812.80
|
$ 91,144.05
|
|
1994
|
15.3
|
|
$60,600.00
|
$ 9,271.80
|
$100,415.85
|
|
1995
|
15.3
|
|
$61,200.00
|
$ 9,363.60
|
$109,779.45
|
|
1996
|
15.3
|
|
$62,700.00
|
$ 9,593.10
|
$119,372.55
|
|
1997
|
15.3
|
|
$65,400.00
|
$10,006.20
|
$129,378.75
|
|
1998
|
15.3
|
|
$68,400.00
|
$10,465.20
|
$139,384.95
|
|
1999
|
15.3
|
|
$72,600.00
|
$11,107.80
|
$150,492.75
|
|
2000
|
15.3
|
|
$76,200.00
|
$11,658.60
|
$162,151.35
|
|
2001
|
15.3
|
|
$80,400.00
|
$12,301.20
|
$174,452.55
|
NOTE: Where SEI is reported on a fiscal year basis, the maximum SEI taxable is the maximum
for the year in which the fiscal year begins.
*The law provides credit against SE tax liability for the following years equal to:
1984 - 2.7% of SE income (total effective rate 11.3%)
1985 - 2.3% of SE income (total effective rate 11.8%)
1986 - 2.0% of SE income (total effective rate 12.3%)
1987 - 2.0% of SE income (total effective rate 12.3%)
1988 - 2.0% of SE income (total effective rate 13.02%)
1989 - 2.0% of SE income (total effective rate 13.02%)
NOTE: Effective with tax year 1990 the SECA tax rate is 15.3% (no credit applies but half
of the self-employment tax is allowed to be taken as an income tax deduction). Further
when computing NESE a 7.65% deduction is required. The purpose of this deduction is
an attempt to achieve parity between an employee who's employer pays 7.65% of the
FICA tax on his/her behalf and the self-employed person who is responsible for payment
of their own SECA taxes.