Form 1040 Instructions - 2015 Page 101
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105 Major Categories of Federal Income and Outlays for Fiscal Year 2014
Income and Outlays. These pie charts show the relative sizes of the major categories of federal income and outlays for scal year 2014.
Income
Outlays*
Net
Physical,
Law
Personal income
Social security,
interest
human, and
Social security, Medicare,
enforcement
taxes
on the
Medicare, and other
community
and unemployment and other
and general
40%
debt
retirement
1
development
3
retirement taxes
government
6%
42%
5%
29%
2%
Excise, customs,
Social
estate, gift, and
programs
4
miscellaneous
Corporate
National defense,
22%
Borrowing to
income taxes
taxes
veterans, and foreign
cover de cit
9%
8%
affairs
2
14%
22%
* Numbers may not total to 100% due to rounding.
On or before the first Monday in February
30, 2014), Federal income was $3.021
countries and the maintenance of U.S.
of each year the President is required by
trillion and outlays were $3.506 trillion,
embassies abroad.
law to submit to the Congress a budget
leaving a deficit of $485 billion.
3. Physical, human, and communi
proposal for the fiscal year that begins the
ty development: These outlays were for
Footnotes for Certain Federal
following October. The budget plan sets
agriculture; natural resources; environ-
forth the President's proposed receipts,
Outlays
ment; transportation; aid for elementary
spending, and the surplus or deficit for
and secondary education and direct assis-
the Federal Government. The plan in-
tance to college students; job training; de-
1. Social security, Medicare, and
cludes recommendations for new legisla-
posit insurance, commerce and housing
other retirement: These programs pro-
tion as well as recommendations to
credit, and community development; and
vide income support for the retired and
change, eliminate, and add programs. Af-
space, energy, and general science pro-
disabled and medical care for the elderly.
ter receipt of the President's proposal, the
grams.
Congress reviews the proposal and makes
2. National defense, veterans, and
4. Social programs: About 16% of
changes. It first passes a budget resolution
foreign affairs: About 17% of outlays
total outlays were for Medicaid, food
setting its own targets for receipts, out-
were to equip, modernize, and pay our
stamps, temporary assistance for needy
lays, and surplus or deficit. Next, individ-
armed forces and to fund national defense
families, supplemental security income,
ual spending and revenue bills that are
activities; about 4% were for veterans
and related programs; and the remaining
consistent with the goals of the budget
benefits and services; and about 1% were
outlays were for health research and pub-
resolution are enacted.
for international activities, including mili-
lic health programs, unemployment com-
tary and economic assistance to foreign
In fiscal year 2014 (which began on
pensation, assisted housing, and social
October 1, 2013, and ended on September
services.
Note. The percentages shown here exclude undistributed offsetting receipts, which were $88 billion in fiscal year 2014. In the budget, these receipts are offset against spending in figuring the outlay totals shown above.
These receipts are for the U.S. Government's share of its employee retirement programs, rents and royalties on the Outer Continental Shelf, and proceeds from the sale of assets.
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