If you're employed, you may notice a line on your pay stub for Social Security, FICA, or OASDI. These all relate to the same Social Security Tax you must pay and are separate from your federal income tax. The government collects this money to fund the benefits you will eventually receive...
The Old Age, Survivors, and Disability Insurance (OASDI) trust funds used to pay for Social Security took in $1.35 trillion in 2023; a pair of Medicare trust funds relied on the taxes for 36% of the $1 trillion in program spending. And neither the Social Security nor Medicare trust ...