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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 ...
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 ...
By 2035, the ratio of potential retirees to working age persons will be 37 percent – there will be less than three potential income earners for every retiree in the population. At that rate the Social Security Trust Fund would be exhausted by 2036. [218] In 2024, the estimated year in which funds would be exhausted was 2035. [32] [33] [34] [35]
Payroll taxes account for about 91% of program revenues, while taxes on Social Security benefits account for 4% and the interest earned on trust fund assets accounts for 5%.
Median household income and taxes. The Federal Insurance Contributions Act (FICA / ˈ f aɪ k ə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
Social Security Benefit Taxes by State. Aside from federal tax rates, the way Social Security is taxed also varies by state. Only 13 states tax Social Security benefits: Colorado, Connecticut ...
Given the near-term depletion of the Social Security and Medicare trust funds, the Tax Policy Center recommends reforms that would scale back the rate of benefit increases while still allowing ...
Image source: Getty Images. The trust funds are still in trouble, but there's improvement. One of Social Security's most pressing problems is the depletion of its trust funds: the Old-Age and ...