Social Security: More Must be Done to Credit Earnings to Individuals' Accounts : Report to Congressional CommitteesThe Office, 1987 - 70 pages |
From inside the book
Results 1-5 of 17
Page 2
... period and seems relatively small , the impact on those affected by uncredited earnings can be significant . A nonprojectable sample of current beneficiaries reviewed by GAO showed that affected beneficiaries lost nearly $ 17 a month ...
... period and seems relatively small , the impact on those affected by uncredited earnings can be significant . A nonprojectable sample of current beneficiaries reviewed by GAO showed that affected beneficiaries lost nearly $ 17 a month ...
Page 4
... period specified by IRS . Trust Funds Retain Tax Money for Earnings Not Credited The differences in earnings recorded by the two agencies raise questions about the amount of tax revenue to which SSA is entitled . Since 1978 , when the ...
... period specified by IRS . Trust Funds Retain Tax Money for Earnings Not Credited The differences in earnings recorded by the two agencies raise questions about the amount of tax revenue to which SSA is entitled . Since 1978 , when the ...
Page 16
... period . However , the $ 58.5 billion not recorded by SSA represents only about 0.8 of 1 percent of the $ 7,412.7 billion that SSA credited from 1978-84 . Earnings Differences Involved Half a Million Employers ' Reports Annually IRS ...
... period . However , the $ 58.5 billion not recorded by SSA represents only about 0.8 of 1 percent of the $ 7,412.7 billion that SSA credited from 1978-84 . Earnings Differences Involved Half a Million Employers ' Reports Annually IRS ...
Page 17
... period , we checked the frequency with which the same EIN was on the SSA - IRS unrec- onciled lists for 1978-83 . The results are shown in table 2.3 . Table 2.3 : Frequency Estimate of Employers With Unreconciled Earnings Reports , 1978 ...
... period , we checked the frequency with which the same EIN was on the SSA - IRS unrec- onciled lists for 1978-83 . The results are shown in table 2.3 . Table 2.3 : Frequency Estimate of Employers With Unreconciled Earnings Reports , 1978 ...
Page 20
... periods over 5 years . During a study of missing and discrepant employers ' earnings reports for 1980 and 1981 , ' SSA obtained W - 2s from employers . Using 11,151 of these W - 2s , we checked Social Security's benefit rolls and ...
... periods over 5 years . During a study of missing and discrepant employers ' earnings reports for 1980 and 1981 , ' SSA obtained W - 2s from employers . Using 11,151 of these W - 2s , we checked Social Security's benefit rolls and ...
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Common terms and phrases
Affect Social Security annual wage reporting Attempts at Resolution backlogs of unreconciled Beneficiaries and Trust Commissioner of Social Congress contacting employers determine discrepant earnings reports discrepant reports Earnings Affect Social earnings amounts Effect of Uncredited Employer Identification employer reports ensure estimates forms W-2 GAO Inquiry Health and Human Human Services identified Inquiry of June interagency agreement internal control Internal Revenue Service IRS records IRS's June 11 magnetic tape million employers missing and discrepant missing or discrepant monthly benefit effect percent Problem and Attempts quarterly Recommendations reconciliation process reconciliation workload Recorded by IRS reported earnings reported to IRS Reporting Differences resolve Response to GAO result Secretary of HHS Security trust funds self-employed self-employment earnings Social Security accounts Social Security Act Social Security Administration Social Security benefits Social Security trust specific SSA and IRS SSA Response SSA's Table tax returns Treasury Uncredited Earnings Affect uncredited wages wage data
Popular passages
Page 68 - ... based upon the exercise or performance or the failure to exercise or perform a discretionary function or duty on the part of a federal agency or an employee of the Government, whether or not the discretion involved be abused.
Page 63 - ... (F) to conform his records to — (i) tax returns or portions thereof (including information returns and other written statements) filed with the Commissioner of Internal Revenue under title VIII of the Social Security Act...
Page 25 - The exact amount of contributions received is not known initially since old-age, survivors, disability, and hospital insurance contributions and individual income taxes are not separately identified in collection reports received by the Treasury Department. Periodic adjustments are subsequently made to the extent that the estimates are found to differ from the amounts of contributions actually payable on the basis of reported earnings.
Page 60 - Treasury by applying the applicable rates of tax under such sections to such wages, which wages shall be certified by the Secretary of Health, Education, and Welfare on the basis of records of wages established and maintained...
Page 4 - Services (HHS) to certify the earnings amounts SSA recorded because Social Security is entitled to retain tax revenues based on that amount only. The law does not specify a time by which earnings for a given year must be certified, and SSA has not certified any since 1978.
Page 40 - Employment tax returns should be retained for at least four years after the date the tax becomes due or is paid, whichever is later.
Page 32 - ... the procedures for voluntary State tax withholding from retired pay of Uniformed Service members after giving notice in the FEDERAL REGISTER. In the event of any such changes, the State will be given 45 days to terminate this agreement. Article IV— Reporting Copies of Internal Revenue Service Form W-2P, "Statement for Recipients of Annuities, Pensions, Retired Pay or IRA Payments.
Page 5 - For 1978-82, years for which employers are no longer required to maintain wage data that could be needed for future reconciliation, SSA could have to return $2.8 of the $7.7 billion to the Treasury, based on SSA's records as of March 1987. An additional $4.9 billion of tax revenue is related to the unrecorded 1983-84 earnings. The Congress may want to specify whether SSA should retain or return to the Treasury such amounts.
Page 3 - Disagreement between SSA organizational components and a reluctance to commit additional resources to address the problem permitted the unresolved reports to increase. In early 1986, after maintaining since 1978 that resolving the differences was IRS'S responsibility, SSA began attempting to resolve reports that IRS did not.
Page 63 - SSA could be inaccurate, resulting in more work later on for SSA, or overpayment or underpayment of Social Security benefits* The FY 1987 budget includes 355 workyears for reconciling problem wage reports. Employers with missing or discrepant reports will be asked by IRS to submit correction forms or provide explanations to SSA. SSA will review the responses, make determinations of the correct wage amounts, and take whatever corrective actions are necessary. This reconciliation work may begin earlier,...