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Maximum Earnings Creditable in any One Year

1301. Maximum Earnings Creditable in any One Year

1301.1 What is the maximum amount of wages that can be credited to your record?

The following table lists the maximum amount of wages that can be credited to your Social Security record.


Maximum Earnings Creditable

Year

Maximum Earnings

Year

Maximum Earnings

2007

$97,500

1985

$39,600

2006

$94,200

1984

$37,800

2005

$90,000

1983

$35,700

2004

$87,900

1982

$32,400

2003

$87,000

1981

$29,700

2002

$84,900

1980

$25,900

2001

$80,400

1979

$22,900

2000

$76,200

1978

$17,700

1999

$72,600

1977

$16,500

1998

$68,400

1976

$15,300

1997

$65,400

1975

$14,100

1996

$62,700

1974

$13,200

1995

$61,200

1973

$10,800

1994

$60,600

1972

$9,000

1993

$57,600

1968-1971

$7,800/year

1992

$55,500

1967

$6,600

1991

$53,400

1966

$6,600

1990

$51,300

1959-1965

$4,800/year

1989

$48,000

1955-1958

$4,200/year

1988

$45,000

1951-1954

$3,600/year

1987

$43,800

1940-1950

$3,000/year

1986

$42,000

1937-1939

$3,000 per employer/year

1301.2 How is the maximum wage amount increased each year?

For the years after 1981, the maximum wage amount is usually increased by Congress. If Congress does not increase the maximum amount, it is automatically increased in multiples of $300 if there is a cost-of-living increase in Social Security benefits. The increased amount is officially published in the Federal Register on or before November 1 of the year before it goes into effect.

Last Revised: Jan. 25, 2007

Comments

ssdi

October 1, 2008 by Guest

if i work part time,how much money can i earn each month without effecting my check status

sale of home

September 22, 2011 by Guest

If I sale my home and move in with my children, will I need to pay any taxes from the sale of my home, or is any of this counted as wages? I am 92 years old, have Medicare and Blue Cross C+. I do not have Medicaid.

Tax treatment of sale of home

September 22, 2011 by David Luhman

Proceeds from a home sale are not treated as wages. You may be liable for federal income taxes on any gain in the value of your home.

However, if you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. In general, you are eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its sale.

http://www.irs.gov/taxtopics/tc701.html

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