United States yearbook - 1982 (1)

Social Security 325
No. 527. S o c ia l S e c u r it y (OASDHI)—C o n t r ib u t io n R a t e s : 1960 t o 1986
[As of January 1, except as noted. OASDI* Old-age, survivors, and disability insurance; HI= Hospital insurance]
YEAR
Annual
maximum
taxable
earnings
(dol.)
Maximum
tax
(dol.)
c o n t r ib u t io n r a t e s (percent)
Each employer and
employee
Self-employed
Total OASDI HI 1 Total OASDI HI >
Supplementary
medical
insurance,
monthly
rate8
(dol.)
In effect:
(X) (X)
’ .35 ’ ’ 3.00
1970.... 7,800 374 4.B0 4.20 .60 6.90 6.30 .60 45.30
1971.... 7,800 406 5.20 4.60 .60 7.50 6.90 .60 45 .6 0
I960..............................................
1965....
4,600
4.800
144
174
3.00
3.625
3.00
3.625
4.50
5.40
4.50
5.40
(X)
.35
1972.... 9,000 468 5.20 4.60 .60 7.50 6.90 .60 45.80
1973.... 10,800 632 5.65 4.85 1.00 8.00 7.00 1.00 *6.30
1974.... 13,200 772 5.85 4.95 .90 7.90 7.00 .90 *6.70
1975.... 14.100 625 5.85 4.95 .90 7.90 7.00 .90 6.70
1976.... 15,300 695 5.85 4.95 .90 7.90 7.00 .90 47.20
1977.... 16,500 965 5.85 4.95 .90 7.90 7.00 .90 * 7 .7 0
1970.... 17,700 1,071 6.05 5.05 1.00 8.10 7.10 1.00 48.20
1979.... 22,900 1,404 6.13 5.08 1.05 8.10 7.05 1.05 46.70
I960.... 25,900 1,588 6.13 5.08 1.05 8.10 7.05 1.05 49.60
1981.... 29,700 1,975 6.65 5.35 1.30 9.30 8.00 1.30 411.00
1982.„. 32,400 2,171 6.70 5.40 1.30 9.35 &05 1.30 412.20
1983.... ( 8> 6.70 5.40 1.30 9.35 8.05 1.30 (NA)
Future schedule:
1984.... t •) t ‘ ) 6.70 5.40 1.30 9.35 8.05 1.30 (NA)
1985.... o n 7.05 5.70 1.35 9.90 8.55 1.35 (NA)
1986.... ( ') o 7.15 5.70 1.45 10.00 8.55 1.45 (NA)
NA Not available. X Not applicable. 'Hospital insurance for the aged, first effective in 1966; for the disabled, in 1973.
’ Program began July 1966. See text, p. 311. ’ As of July 1966. ’ Effective July 1. ’ Effective Aug. 13. ’ Will be
adjusted by Federal law to reflect Increasing income levels.
Source: U.S. Social Security Administration, A n n u a l S ta tis tic a l Su p p le m e n t to the S o c ia l S e c u rity B u lle tin , and unpublished data.
No. 528. Social Security (OASDHI) T ru s t Funds: 1965 to 1981
[fn millions of dollars, except percent. See also H is to ric a l S ta tis tic s , C o lo n ia l T im e s to 1 97 0, series H 230-242]
TYPE OF TRUST FUND 1965 1970 1975 1976 1977 1978 1979 1980 1981
Old-age and survivors:
Net contribution Income '....................... 16,017 3 0,256 56,816 6 3 ,3 62 69,572 75,471 87,919 103,456 122,627
Transfers from general revenue3.......... (X) 449 4 25 6 1 4 613 614 557 540 674
Interest received................................... 5 9 3 1.515 2 ,364 2,301 2,227 2,008 1,797 1,845 2,060
Benefit payments —............................... 16,737 2 8 .7 96 58,509 6 5 ,6 99 7 3,113 8 0,352 90,556 105,074 ’ 123,796
Administrative expenses................ ....... 3 2 8 471 8 9 6 9 5 9 981 1 ,115 1,113 1,154 1,307
Percent of benefit payments.............. 2 .0 1.6 1.5 1.5 1.3 1.4 1.2 1.1 1.1
Assets, end of year............................... 18.235 3 2.454 3 6,9 87 3 5 ,3 88 32,491 2 7.520 24,660 22,624 21,490
Disability:
Net contribution Income *....................... 1,188 4,481 7,444 8 ,233 9,136 13,413 15,114 13,255 16,738
Transfers fro m general revenue8........... (X) 16 90 103 128 142 118 130 168
Interest received................................... 59 277 5 0 2 4 2 2 304 256 358 485 172
Benefit payments................................... 1,573 3,067 8,414 9 ,9 6 6 11,463 12,513 13,708 15,437 ’ 17,200
Administrative expenses........................ 90 164 256 285 399 325 371 368 436
Percent of benefit payments.............. 5.7 5.3 3 .0 2.9 3.5 2.6 2.7 2.4 2 .5
Assets, end of year............................. 1,606 5,614 7 ,354 5 .7 4 5 3,370 4.226 5,630 3,629 3 ,049
Hospital:4
Net contribution income ...................... ’ 3 ,1 5 2 4,881 11,509 12,736 14,126 17,579 20,975 23,846 32,959
Transfers from general revenue2.......... *3 1 2 874 6 69 141 946 829 908 871 900
Interest received................................... *51 181 671 753 784 604 942 1,116 1,569
Benefit payments................................... ’ 3 ,353 5,124 11.318 13,343 15,743 17,888 20,623 25,064 30,342
Administrative expenses........................ * 7 7 157 2 63 336 276 489 450 512 384
Percent of b e n e fit p a y m e n ts .............. ’ 2 .3 3.1 2 .3 2.5 1.8 2.8 2 .2 2 .0 1.3
Assets, end of year............................... *1 ,0 7 3 3,202 10,517 10,605 10,442 11,477 13,228 13,749 18,740
Supplementary medical care:6
Net contribution income ..................... . *6 4 0 1,096 1 ,918 2 ,0 6 0 2.247 2,469 2,719 3,011 73 ,722
Transfers from general revenue............ 5933 1,093 2,648 3,810 5,386 6,287 6,645 7,455 7 11,291
Interest received................................... *2 4 12 106 106 172 299 404 408 361
Benefit payments.................................. ’ 1,197 1,975 4.273 5 ,060 6,038 7,252 8,708 10,635 13,113
Administrative e x p e n s e s ..................... . M 1 0 238 462 542 407 503 557 610 915
Percent ot benefit payments.............. ’ 9.2 12.0 10.6 10.7 7 .7 6.9 6.4 5.7 7.0
Assets, end of year............................... “ 4 1 2 188 1,444 1 .799 | 3,099 4,400 4,902 4,530 5,877
X Not applicable. 'Includes deposits by States and deductions for refund of estimated empfoyee-tax o v e rp a y m e n t. F o r
supplementary medical insurance, represents voluntary premium payments from and on behalf of Insured persons. ’ Transfers
for military wage credits and for cost of hospital benefits for persons not insured for OASDHI or railroad retirement cash benefits.
’ Adjusted to exclude b e n e fit payments delivered on Dec. 31, 1981. R e g u la r m o n th ly b e n e fit p a y m e n ts w e re d e liv e re d p rio r to
regularly designated delivery day, Jan. 3, because of holiday weekend. Payments of Dec. 31,1981 will be included in 1982 data so
that 1981 and 1982 data reflect 12 months of benefit payments. 4See footnote 1, table 627. ’ 1967 data. ’ See footnote
2, table 527, ’ See footnote 3. Supplementary medical premiums withheld fro m checks {$264 minion) and tra n s fe rs fro m
general revenues ($633 million) on Dec. 31 are included in 1981 data.
Source: U.S. Social Security Administration, A n n u a l R e p o rt o f B o a rd o f T rus tee s , O ASK D ), H I, a n d S M I T rus t F u n d s, Also
published In S o c ia l S e c u rity B u lle tin , monthly.