Personal Contributions for Social Insurance in Massachusetts
MAOSOC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,863.90
Year-over-Year Change
12.17%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Personal Contributions for Social Insurance in Massachusetts' trend measures the total value of deductions from employee paychecks that fund social insurance programs like Social Security and Medicare in the state of Massachusetts.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series tracks the total value of payroll deductions that employers in Massachusetts withhold from workers' paychecks to fund mandatory social insurance programs. It provides insight into the overall tax burden on labor income in the state and can be used to analyze trends in social insurance contributions over time.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of employers in Massachusetts.
Historical Context
This metric is closely watched by economists and policymakers to understand the tax environment for workers and businesses in the state.
Key Facts
- Massachusetts residents contributed over $40 billion in social insurance in 2021.
- Social Security and Medicare account for over 90% of social insurance contributions in the state.
- Per capita social insurance contributions in Massachusetts are among the highest in the U.S.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deductions from employee paychecks in Massachusetts that fund social insurance programs like Social Security and Medicare.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall tax burden on labor income in Massachusetts, which is important for understanding the state's economic and policy environment.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of employers in Massachusetts.
Q: How is this trend used in economic policy?
A: This metric is closely watched by economists and policymakers to understand the tax environment for workers and businesses in Massachusetts.
Q: Are there update delays or limitations?
A: The data is published with a several month lag, so it may not reflect the most recent economic conditions.
Related Trends
Per Capita Personal Consumption Expenditures: Services: Final Consumption Expenditures of Nonprofit Institutions Serving Households: Less: Receipts from Sales of Goods and Services by Nonprofit Institutions for Massachusetts
MAPCEPCLRPTSLSGSNPIS
Chain-Type Quantity Index for Real GDP: Support Activities for Mining (213) in Massachusetts
MASAMINQGSP
Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Recreational Goods and Vehicles for Massachusetts
MAPCEPCRECGD
Arts, Entertainment and Recreation Wages and Salaries in Massachusetts
MAWART
Monthly State Retail Sales: Sporting Good, Hobby, Musical Instrument and Book Stores in Massachusetts
MSRSMA451
All Employees: Professional and Business Services: Employment Services in Massachusetts
SMU25000006056130001
Citation
U.S. Federal Reserve, Personal Contributions for Social Insurance in Massachusetts (MAOSOC), retrieved from FRED.