who is the acting commissioner of social security
Carolyn Colvin Carolyn W. Colvin (born May 27, 1942 in Arnold, Maryland) was the Acting Commissioner of Social Security Administration in the United States, appointed on February 14, 2013, having succeeded Michael J. Astrue. On June 20, 2014, President Barack Obama nominated her to serve as the commissioner.[1] On September 18, 2014, the United States Senate Committee on Finance approved her nomination by a 22â€“2 vote.[2]
Social Security (United States) 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.[4][5] 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.[6]