No. of Recommendations: 3
. If revenue is greater than benefit claims, the excess revenue is moved to a fund to pay future benefit claims.

Well, actually no. The excess just goes into the US general fund and is spent. And an annotation is made "Dear department of the FedGov Social Security: IOU $XXXX, Signed, FedGov General Fund."

In addition to FICA contributions, Social Security receives the Federal Income Taxes on the first 50% of our Social Security benefits.

Well, no. When you file your 1040 you write a checkout to the IRS, amount based on your taxable income & deductions. 50% to 85% of your SS benefit is taxable income. The check you write to the IRS goes into the General Fund. None of what you pay to the IRS goes directly to SSA.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.