The IRS Claimed $48.6 Billion in Social Security Benefit Taxes in 2022. Here's How Much It Could Take From You This Year.
Social Security has three sources of funding. The biggest is the payroll taxes workers pay on their incomes each year. That brought in over $1.1 trillion in 2022, the most recent year data is available. The interest on invested trust fund asset reserves added another $66.4 billion in income.
The remaining $48.6 billion -- a mere 4% of Social Security's total income -- came from taxing the benefits of seniors whose income exceeded certain limits. But that figure is expected to be higher this tax season. Here's why, and how much you might owe in benefit taxes.
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Source Fool.com
