Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA
1.4 Percent Social Security
Anne B. Barnhart, Commissioner of Social Security
announced this month that Monthly Social Security
and Supplemental Security Income (SSI) benefits
to more than 50 million Americans will increase
1.4 percent in 2003,
million Social Security beneficiaries will notice
the 1.4 percent increase that will begin with benefits
that receive in January 2003. Increased payments
to 7 million SSI beneficiaries will begin on December
a result of the increase in the taxable maximum
in 2003, the maximum yearly Social Security tax
paid by employees and employers will increase by
$130.20 each for a total of $5394.00.
Security and SSI benefits increase automatically
each year based on the rise in the Consumer Price
Index for Urban Wage Earners and Clerical Workers
(CPI-W) from the third quarter of the prior year
to the corresponding period of the current year.
This year's increase in the CPI-W was 1.4 percent.
more information please visit the website http://www.ssa.gov.