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RRB Reminders for 2023

 

 

 
  1. Home
  2. Benefits
  3. RRB Reminders for 2023
 
 
RRB Reminders for 2023

 

G-34 (12-22)
G-34: RRB Reminders for 2023 (131.97 KB)

 

 

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 2023 - $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.

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William O. Lipinski Federal Building
844 North Rush Street
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Last updated: 12/09/2022