Table II.B1 shows the income, expenditures, and asset reserves for the OASI, the DI, and the theoretical combined OASI and DI Trust Funds in calendar year 2014.
Table II.B1.—Summary of 2014 Trust Fund Financial Operations In 2014, net payroll tax contributions accounted for 85 percent of total trust fund income. Net payroll tax contributions consist of taxes paid by employees, employers, and the self-employed on earnings covered by Social Security. These taxes are paid on covered earnings up to a specified maximum annual amount, which was $117,000 in 2014. Table II.B2 shows the tax rates for 2014.The trust fund investments provide a reserve to pay benefits whenever total program cost exceeds income. Trust fund reserves increased by $25.0 billion in 2014 because total income to the combined funds, including interest earned on trust fund reserves, exceeded total expenditures. At the end of 2014, the combined reserves of the OASI and the DI Trust Funds were 308 percent of estimated expenditures1 for 2015. In comparison, the combined reserves at the end of 2013 were 322 percent of expenditures for 2014.
Table II.B2.—Payroll Tax Contribution Rates for 2014
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