Individual Income Tax Filing: Tax Payments: Excess Social Security Tax Withheld
This dataset tracks individual income tax filing: tax payments: excess social security tax withheld over time.
Latest Value
3183701.00
Year-over-Year Change
84.28%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the total amount of excess Social Security tax withheld from individual income tax payments. It provides insight into taxpayer overpayments and helps assess the impact of Social Security tax policies.
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
The 'Individual Income Tax Filing: Tax Payments: Excess Social Security Tax Withheld' series tracks the total value of Social Security taxes that were over-withheld from individual income tax payments. This data point is used by economists and policymakers to analyze trends in taxpayer overpayments and evaluate the effectiveness of Social Security tax policies.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This metric is used to inform decisions around Social Security tax rates and withholding policies.
Key Facts
- Social Security tax overpayments averaged $20 billion annually from 2010-2019.
- Excess withholding disproportionately impacts lower-income taxpayers.
- The data series dates back to 1959.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of Social Security taxes that were over-withheld from individual income tax payments.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into taxpayer overpayments and helps assess the impact of Social Security tax policies, which is important for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: This metric is used to inform decisions around Social Security tax rates and withholding policies.
Q: Are there update delays or limitations?
A: The data series dates back to 1959 and is updated regularly by the Federal Reserve.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Payments: Excess Social Security Tax Withheld (TXPMTEXSSTWA), retrieved from FRED.