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The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
The reserve funds for Social Security and Medicare programs will last longer than previously thought — thanks to a faster and stronger-than-expected recovery from the 2020 pandemic-induced ...
The Social Security surplus reduces the amount of U.S. Treasury borrowing from the public, as the surplus funds may be used for other government purposes. The total balance of the trust funds was $2.4 trillion in 2008 and is estimated to reach $3.7 trillion by 2016.
Social Security and the Post Office are considered "Off-Budget". Social Security had an estimated surplus of $62.4 billion by CBO accounting (different from the $54 billion reported by the Trustees) and the Post Office had a deficit of $0.5, resulting in a "Total Budget Deficit" of $1,089.4 billion.
The main Social Security trust fund will continue paying out full benefits through 2034.
In 1983, 90% of earnings fell below the maximum amount subject to Social Security tax. That’s down to 82%, officials said. ... The program tapped the surplus, which ended last year at $2.830 ...
Some suggest removing this taxation cap, which will generate more needed income into Social Security's coffers. 4. The Social Security surplus is getting closer to running out. Speaking of Social ...
The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.