Social Security Taxes: Where Do Surplus Taxes Go and How Are They Used?

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The costs of the Social Security program, both its benefits and administrative expenses, are financed by a tax on wages and self-employment income. Commonly referred to as FICA and SECA taxes (because they are levied under the Federal Insurance and Self-Employment Contributions Acts), these taxes flow each day into thousands of depository accounts maintained by the government with financial institutions across the country. Along with many other forms of revenues, these Social Security taxes become part of the government’s operating cash pool, or what is more commonly referred to as the U.S. treasury. In effect, once these taxes are received, … continued below

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Koitz, David Stuart April 29, 1998.

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Description

The costs of the Social Security program, both its benefits and administrative
expenses, are financed by a tax on wages and self-employment income. Commonly
referred to as FICA and SECA taxes (because they are levied under the Federal
Insurance and Self-Employment Contributions Acts), these taxes flow each day into
thousands of depository accounts maintained by the government with financial
institutions across the country. Along with many other forms of revenues, these Social
Security taxes become part of the government’s operating cash pool, or what is more
commonly referred to as the U.S. treasury. In effect, once these taxes are received, they
become indistinguishable from other monies the government takes in.

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6 p.

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Congressional Research Service Reports

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  • April 29, 1998

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  • Aug. 25, 2021, 6:34 p.m.

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Koitz, David Stuart. Social Security Taxes: Where Do Surplus Taxes Go and How Are They Used?, report, April 29, 1998; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metacrs776/: accessed March 27, 2025), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.

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