<P> Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax ( FICA ) or Self Employed Contributions Act Tax ( SECA ) . Tax deposits are collected by the Internal Revenue Service ( IRS ) and are formally entrusted to the Federal Old - Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund , the two Social Security Trust Funds . With a few exceptions , all salaried income , up to an amount specifically determined by law ( see tax rate table below ) , is subject to the Social Security payroll tax . All income over said amount is not taxed . In 2017 , the maximum amount of taxable earnings was $127,200 . </P>
<P> Social Security is funded primarily through payroll taxes called Federal Insurance Contributions Act tax ( FICA ) or Self Employed Contributions Act Tax ( SECA ) . Tax deposits are collected by the Internal Revenue Service ( IRS ) and are formally entrusted to the Federal Old - Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund , the two Social Security Trust Funds . With a few exceptions , all salaried income , up to an amount specifically determined by law ( see tax rate table below ) , is subject to the Social Security payroll tax . All income over said amount is not taxed . In 2017 , the maximum amount of taxable earnings was $127,200 . </P>
where does the funding for social security come from
where does the funding for social security come from
payroll taxes
payroll taxes