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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.
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.
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 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.
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 ...
Social Security would be able to pay out only 77% in benefits starting in 2033, according to the new estimates. Social Security surplus will run out in 10 years, report estimates [Video] Skip to ...
To minimize the impact of Social Security taxes on low salaried workers the Earned Income Tax Credit and the Child Care Tax Credit were passed by the U.S. Congress, which largely refund the FICA and or SECA payments of low-salaried workers through the income tax system. [130]
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 ...