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During 2014, an estimated 166 million people had earnings covered by Social Security and paid payroll taxes. Social Security paid benefits of $848 billion in calendar year 2014. There were about 59 million beneficiaries at the end of the calendar year. The cost of $6.1 billion to administer the program in 2014 was 0.7 percent of total expenditures.
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion.
The rest came from income taxes on Social Security benefits and interest earned on the government bonds held by the trust funds. ... according to the report. The program tapped the surplus, which ...
In FY2008, Social Security received $180 billion more in payroll taxes and accrued interest than it paid out in benefits. This annual surplus is credited to Social Security trust funds that hold special non-marketable Treasury securities.
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits ...
In 2034, the Social Security fund's reserves will become depleted, but there is expected to be enough payroll taxes coming in for workers to pay out 77% of scheduled benefits.
Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090. Self-employed persons would ...
But that surplus is fast drying up as more boomers start collecting Social Security. Social Security’s Old Age and Survivors Insurance (OASI) Trust Fund is expected to run out of money in about ...