Table A -- Individual Account (IA) Contributions for Workers in 2003
|
DeMint Plan: 8% Contribution Rate: for $1, 3% for Maximum Earnings
|
|
Level of
Annual OASDI
Taxable Earnings
|
|
IA Contribution
as a Percentage
of Earnings
|
IA Contribution
in Dollar
Amount
|
|
$1,000
|
|
7.94%
|
$79.43
|
|
5,000
|
|
7.71%
|
385.63
|
|
10,000
|
|
7.43%
|
742.53
|
|
20,000
|
|
6.85%
|
1,370.11
|
|
30,000
|
|
6.28%
|
1,882.76
|
|
40,000
|
|
5.70%
|
2,280.46
|
|
50,000
|
|
5.13%
|
2,563.22
|
|
60,000
|
|
4.55%
|
2,731.03
|
|
70,000
|
|
3.98%
|
2,783.91
|
|
80,000
|
|
3.40%
|
2,721.84
|
|
87,000
|
(Taxable Maximum)
|
3.00%
|
2,610.00
|
|
|
|
15,629
|
(Low 1 = 45% of Average Wage
Index (AWI))
|
7.10%
|
1,109.92
|
|
34,731
|
(Medium* = AWI)
|
6.00%
|
2,085.22
|
|
43,500
|
(1/2 Taxable Maximum)
|
5.50%
|
2,392.50
|
|
55,569
|
(High* = 160% of AWI)
|
4.81%
|
2,670.86
|
|
69,600
|
(Maximum Contribution =
0.8 x Taxable Maximum)
|
4.00%
|
2,784.00
|
|
1 Earnings levels for scaled low, medium, and high workers are average of best 35 years wage indexed earmings.
|
|
|
Office of the Chief Actuary
Social Security Administration
September 9, 2003
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