![]() ![]() 751, Social Security and Medicare Withholding Rates." " Status of the Social Security and Medicare Programs: A Summary of the 2023 Annual Reports." " Social Security: A Program and Policy History." Employees and employers split the tax contributions 50/50, with employees paying 6.2% of their wages and employers paying the other 6.2%. Social Security taxes amount to 12.4% of wages up to a cap on taxable annual income set at $147,0 and at $160,2. The Social Security program is funded through the Federal Insurance Contributions Act (FICA) tax, a dedicated payroll tax. Members of Congress continue to put forth proposals to address the shortfall in the Social Security program.Social Security's retirement benefits trust fund is projected to deplete reserves in 2033, leaving it reliant on tax receipts covering 77% of scheduled benefits.Fewer workers are left to contribute toward the benefits of each retiree as Baby Boomers retire and the U.S.Payroll tax contributions are not reserved for future payouts to the particular taxpayer. Current taxes and any accumulated surplus fund everyone's benefits.Social Security benefits are funded by a dedicated payroll tax paid by employees, employers, and the self-employed.It is important to note that these firms are also involved in recovering unclaimed property in the possession of state and local government entities. Using such personal identifiers, these locator services try to find the prospective beneficiaries, or "payees," for canceled/unpaid government checks and, on their behalf, attempt to collect the payment amounts from the federal agencies that originally certified the payments. Personal identifiers may, however, exist in federal agencies' check issuance or cancellation records. These listings are not searchable by personal identifiers, such as a person's name or social security number. The information requested by these companies pertains to specific check symbols, numbers and dollar amounts identified on Treasury check cancellation listings compiled by Fiscal Service. Several companies, or locator services, engaged in the business of identifying and recovering unclaimed assets for profit, acquire federal check issuance data from Fiscal Service and various federal government agencies under the provisions of the Freedom of Information Act. ![]() The letter indicates that I can receive this unclaimed property if I pay a "finders" fee. I received a letter stating that the Treasury Department may owe me money or may be holding funds (or property) in my name. Their website was developed by state unclaimed property experts to assist the public, free of charge, in efforts to search for funds that may belong to you or your relatives. This association consists of state officials charged with the responsibility of reuniting lost owners with their unclaimed property. The National Association of Unclaimed Property Administrators' website is an excellent resource. (Individual State Unclaimed Asset Web Sites) National Association of Unclaimed Property Administrators.The titles and addresses for all federal agencies can be found in the United States Government Manual which is available in most public libraries.īelow are government agencies that have databases you can search for unclaimed money. Given this information, the agency responsible for certifying any payment due should be able to assist you in getting the current status of the payment involved. To find out whether any unclaimed funds are being held by the federal government, you need to determine the type of benefit or payment that could be involved, the date on which the payment was expected, and how the payment should have been made. ![]()
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