Income over the applicableamount will trigger an itemized deduction limitation that is the lesser of (a) 3% of the adjusted gross income above the applicableamount, or (b) 80% of the amount of the itemized deductions otherwise allowable for the taxable year.
The way that the maximum benefit for a particular year is calculated is based upon the maximum wage base for the year, as well as the applicable COLAs that would apply after the PIA ( Primary Insurance Amount) has been calculated for that individual.
Without prejudice to any supplementary voluntary contribution, the States Parties to this Convention undertake to pay into the Fund, at least every two years, a contribution, the amount of which, in the form of a uniform percentage applicable to all States, shall be determined by the General Assembly.