; and (2) by adding at the end the following: (5) (A) An individual's excess average indexed monthly earnings shall be equal to the amount of the individual's average indexed monthly earnings that would be determined under this subsection by substituting excess wages for basic wages and excess self-employment income for basic self-employment income each place such terms appear in this subsection (except in this paragraph). (B) For purposes of this subsection— (i) the term basic wages means that portion of the wages of an individual paid in a year that does not exceed the contribution and benefit base for the year; (ii) the term basic self-employment income means that portion of the self-employment income of an individual credited to a year that does not exceed an amount equal to the contribution and benefit base for the year minus the amount of the wages paid to the individual in the year; (iii) the term excess wages means that portion of the wages of an individual paid in a year after 2024 that are not basic wages; and (iv) the term excess self-employment income means that portion of the self-employment income of an individual credited to a year after 2024 that is not basic self-employment income. . (c) Conforming amendments Title II of the Social Security Act is amended— (1) in section 203(a)(6)(A) ( 42 U.S.C. 403(a)(6)(A) ), by striking 85 percent of such individual's average indexed monthly earnings and inserting the sum of 85 percent of such individual's average indexed monthly earnings and 1 percent of such individual’s excess average indexed monthly earnings (as defined in section 215(b)(5)(A)) ; (2) in section 212 ( 42 U.S.C. 412 ), by inserting excess average indexed monthly earnings, after average indexed monthly earnings, each place it appears