Social Security is funded mainly through FICA taxes on wages — currently 12.4 percent split evenly between employers and workers.

In 2022, the tax was collected on the first $147,000 of wages. That amount will rise to $160,200 in 2023.

The $13,200 jump in how much of workers’ wages will be taxed is large compared with past increases. In 2022, the income subject to the tax went up by $4,200, which is about the average rise since 2017.

In 2021, the retirement and disability trust funds collected $1.09 trillion in revenue, and 90.1 percent of that came from FICA contributions. Interest earned on government bonds held by the trust funds provided 6.4 percent, and the remaining 3.5 percent came from income taxes on Social Security benefits.