Advertisement Self-Employment If you are self-employed, you must pay OASDI tax. However, since you do not have an employer to pay part of the tax, you are responsible for the entire amount. This means a self-employed individual has to pay 12.4 percent of her net earnings up to $106,80...
If you have multiple jobs in a year where you’ll earn more than the taxable maximum, you’ll likely pay too much in OASDI tax. You can get a refund for your overpayment when you file your federal income taxes. » Learn more: Social Security payment schedule: ...
What Do OASDI/EE Taxes Cover? The taxes collected under OASDI/EE pay for Social Security benefits, such as those paid to retirees aged 62 and older and in some cases their families. It also covers disability benefits for people who have been unable to work for at least 12 mont...
» Learn more: Social Security payment schedule: When do I get my check? How much does Social Security pay? In 2023, the average benefit for retired workers was $1,842.87 a month. The average monthly payment to survivors was $1,455.78 and $1,490.14 for disabled workers [8]. Although...