RS 01801: Coverage of Self - Employment - General
TN 5 (01-01)
EXHIBIT
Year |
RSDI |
HI |
Maximum |
Maximum |
Taxes Paid |
|---|---|---|---|---|---|
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.
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