Table II.B1 shows the income, cost, and asset reserves for the OASI, the DI, and the combined OASI and DI Trust Funds in calendar year 2023.
Table II.B1.—Summary of 2023 Trust Fund Financial Operations Total income in 2023 a Net payroll tax contributionsb
Includes less than $50 million in reimbursements from the General Fund of the Treasury and gifts. See section III.A for details.
In 2023, net payroll tax contributions accounted for 91.3 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 $160,200 in 2023. Table II.B2 shows the payroll tax rates for 2023.
Table II.B2.—Payroll Tax Contribution Rates for 2023 Trust fund reserves provide the basis for paying benefits. Combined trust fund reserves decreased by $41.4 billion during 2023 because income to the combined funds, including interest earned on trust fund reserves, was less than total cost. In last year’s report, combined reserves were projected to decrease by $53.2 billion in 2023. At the end of 2023, the combined reserves of the OASI and the DI Trust Funds were $2,788.5 billion, or 188 percent of estimated cost 1 for 2024. In comparison, the combined reserves at the end of 2022 were 203 percent of actual cost for 2023.
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