U.S. Railroad Retirement Board announces reminders for 2002

2002 Tier I Earnings Base and Tax Rate
$84,900 - Annual Maximum
6.20% - Employee and
Employer Tax Rate
$5,263.80 - Maximum
Employee and Employer Tax
 
2002 Tier II Earnings Base and Tax Rates
$63,000 - Annual Maximum
4.90% - Employee Tax Rate
$3,087.00 - Maximum
Employee Tax
15.60% - Employer Tax Rate
$9,828.00 - Maximum
Employer Tax
 
2002 Medicare Hospital Insurance Earnings Base
and Tax Rate
Annual Maximum - No Limit
1.45% - Employee and
Employer Tax Rate
 
Total Tier I, Tier II &
Medicare Hospital Insurance Maximum Tax
(Based on Earnings of $84,900)
Employees - $9,581.85
Employers - $16,322.85
(Additional Taxes are 1.45% of Earnings in Excess of $84,900)
 
Amount Needed For Quarter of SSA Coverage
$870.00 in 2002 (Up to 4)
 
2002 Employer RUIA Tax Rate
3.15% - 12% on First $1,100 Per Month
 
Employee RUIA 2001
Qualifying Earnings
$2,625.00 - For Benefit Year 2002 (Beginning July 1, 2002)
 
RUIA Daily Benefit Rate
For Benefit Year 2002
(Beginning July 1, 2002) - $52
 
Work Deduction Exempt Amounts
Age 65 (for months prior to age 65 in the calendar year):
Annual - $30,000;
Monthly - $2,500
($1 Deduction for Each $3 in Excess Earnings)
 
Under Age 65;
Annual - $11,280;
Monthly - $940
($1 Deduction for Each $2 of Excess Earnings)
 
Basic Medicare Premium
$54.00
 
Cost-Of-Living Increase,
December 2001
Tier I - 2.6%
Tier II - 0.8%

 

 

2002 Brotherhood of Locomotive Engineers