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BEGINNING January 1,1976, the maximum amount of earnings in a year that count for social security will automatically increase to $15, 300, up from this y ear's maximum of $14,100, say s Philip E. Bettendorf, manager of the Winchester Social Security office. Alsu in 1976, the maximum amount that a beneficiary can earn and still gel all his social security checks will increase to $2,760 in a year under the same automatic increase provisions of the law, Bettendorf said. The 1975 figure is $2,520.
People who earn more than .$2. 760 in 1976 may still get some social security benefits, but every two dollars they earn above .$2,760 may cause a reduction of one dollar in their social security benefits for the year. No matter how much they earn in 1976, they can gel their full benefit for any month in which they do not earn more than $230 in wages (up from $210 in 1975) and do not perform substantial services in sell-employment. He further noted that these increases are determined on the basis of a formula in the law which automatically produces a result based on reported statistics.
“THE formula is designed to keep both the contribution and benefit base, and the retirement test exempt amount, up to dale as average wage levels rise throughout the Nation," Bettendorf added. “Under the law. these automatic increases can take effect only alter a year in which there has been an automatic increase in social security benefits." This requirement was met by an 8 percent automatic increase in benefits that took effect earlier this year.
The contribution and beneifl base is the maximum amount of earnings in a year that are creditable toward social security benefits and are taxable under social security. The
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