Railroad Retirement Board reminders for 2001

2001 Tier I Earnings Base and Tax Rate

$80,400 - Annual Maximum

6.20% - Employee & Employer Tax Rate

$4,984.80 - Maximum Employee & Employer Tax

 

 

2001 Tier II Earnings Base and Tax Rate

$59,700 - Annual Maximum

4.90% - Employee Tax Rate

$2,925.30 - Maximum Employee Tax Rate

16.10% - Employer Tax Rate

$9,611.70 - Maximum Employer Tax

 

 

2001 Medicare Hospital Insurance Earnings Base and Tax Rate

Annual Maximum - No Limit

1.45% - Employee & Employer Tax Rate

 

 

Total Tier I, Tier II & Medicare Hospital Insurance Maximum Tax

Employees - $9,075.90

Employers - $15,762.30

(Additional taxes are 1.45% of earnings in excess of $80,400)

 

 

Amount Needed For Quarter of SSA Coverage

$830.00 in 2001 (Up to 4)

 

 

2001 Employer RUIA Tax Rate

2.15% - 12% on First $1,050 Per Month

 

 

Employee RUIA 2000 Qualifying Earnings

$2,512.50 - For Benefit Year 2001 (Beginning July 1, 2001)

 

 

RUIA Daily Benefit Rate

For Benefit Year 2001 (Beginning July 1, 2001) - $50

 

 

Work Deduction Exempt Amounts

Age 65 (for months prior to age 65 in the calendar year):

Annual - $25,000; Monthly - $2,083

($1 Deduction for Each $3 of Excess Earnings)

 

Under Age 65:

Annual - $10,680; Monthly - $890

($1 Deduction for Each $2 of Excess Earnings)

 

 

Highest Possible RRA Maximum - 2001

$4,550.00

 

 

Basic Medicare Premium

$50.00

 

 

Cost-Of-Living Increase, December 2000

Tier I - 3.5%

Tier II - 1.1%

2001 Brotherhood of Locomotive Engineers