Social Security Fund Untouched: Accounting for the Payroll Tax Cut

Just to allay fears: your FICA deduction (up to the social security taxable limit of $106, 800) will be reduced by 2% for 2011. BUT the Social Security trust fund will NOT be shorted. The shortfall is charged to the General Funds of the United States, so the Trust Fund remains fully funded.

Calculated Risk: Accounting for the Payroll Tax Cut