Last week I wrote about how to correct a work record that was missing some employment earnings.
It is important for your personal record to be correctly posted. In addition to helping fund current Social Security benefits, your earnings are used to compute your future retirement amount.
Through W-2 reporting and self-employment tax information, the Social Security Administration works with the earnings information of almost everyone employed in the country.
How many people is this?
The Research, Evaluation and Statistics component of the Social Security Administration released the publication “Earnings and Employment Data for Workers Covered Under Social Security or Medicare, 2012” in June.
From the Preface:
This report presents 2012 earnings and employment data by state and county for persons covered under the Social Security and Medicare programs.
The data show, by sex and age, the number of wage and salary workers and self-employed persons, the amount of their taxable earnings, and the amount they paid in Social Security and Medicare contributions.
From the Highlights section:
- In 2012, 161.7 million workers had earnings taxable under the Social Security program. About 143.0 million had only wages, 11.2 million had only self-employment income, and 7.5 million had both.
- Social Security taxable earnings totaled $5.712 trillion, which includes earnings up to the taxable maximum of $110,100.
- Social Security taxes totaled about $708 billion.
- In 2012, 165.6 million workers had earnings taxable under the Medicare program. About 146.1 million had only wages, 10.9 million had only self-employment income, and 8.6 million had both.
- Medicare taxable earnings totaled $7.133 trillion.
- Medicare taxes totaled about $207 billion.
The “Earnings and Employment Data for Workers Covered Under Social Security or Medicare, 2012” publication is available in pdf and html versions.