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The Social Security Administration recovered more than $4.9 billion in overpayments in fiscal year 2023 but still ended the year with a total balance of $23 billion in uncollected payments.
In 2023, the Social Security Administration collected $4.9 billion in overpayments, and is going after another $23 billion from beneficiaries, according to KFF Health News. An investigation by KFF ...
The maximum amount of earnings subject to the Social Security payroll tax rose to $168,600 in 2024 from $160,200 in 2023. ... After getting blowback last year for the way it handled overpayments ...
The Federal Insurance Contributions Act (FICA) (codified in the Internal Revenue Code) imposes a Social Security withholding tax equal to 6.20% of the gross wage amount, up to but not exceeding the Social Security Wage Base ($97,500 for 2007; $102,000 for 2008; and $106,800 for 2009, 2010, and 2011). The same 6.20% tax is imposed on employers.
Social Security tax is withheld from wages [9] at a flat rate of 6.2% (4.2% for 2011 and 2012 [10]). Wages paid above a fixed amount each year by any one employee are not subject to Social Security tax. For 2023, this wage maximum is $160,200. [11]
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
As of March 25, the SSA will collect the greater of $10 or 10% of the beneficiary’s total monthly Social Security benefit to recover an overpayment. That’s way down from 100% previously.
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