For most workers, a paycheck is an alphabet soup of deductions. Federal and state income taxes are withheld from most paychecks, as are the various Social Security and unemployment taxes. Other deductions may include optional deductions selected by the employee. Health insurance premiums and 401k de...
Although some payroll deductions like IRS withholding may be refunded when you file your income tax return, there are others that don't come back to you. This is because the U.S. federal government uses some deductions to fund federal programs. The code Fed OASDI/EE on a paycheck indicates...
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. Social security tax is collected by the government to fund the benefits of retirees and those unable to work. Discover how much you owe in so
What is taxable compensation? What is payroll tax expense? What is taxable income on a federal return? What is OASDI tax? What is a tax return? What is a tax refund? What is a tax-deferred pension? What is a tax write-off?
Medicare tax is similar to the Social Security tax (Fed OASDI/EE Tax). The Social Security tax is higher (12.4 percent in 2013) but is collected in the same way as the Medicare tax. Many people refer to the Social Security Tax and the Medicare tax collectively as the FICA tax, or the...
What is OASDI tax? What is a tax roll? What is taxable compensation? What are tax attributes? What type of tax is sales tax? What is tax-exempt interest? What is a joint tax return? What is federal tax? What is a tax ID number? What is a federal allowance on taxes? What is the...
Almost half of Social Security beneficiaries depend on Social Security for more than half of their monthly income. How Does Social Security Work? You pay into Social Security through payroll deductions, which show up on your paycheck listed as OASDI, for Old Age, Survivors, and Disability Insuran...
On employee paychecks, Social Security tax withholding appears under the acronym OASDI, which stands for the Old-Age, Survivors, and Disability Insurance. Social Security taxes are often referred to asFICA taxeswhen combined with Medicare taxes. ...
The main drawback to this schedule is that not every paycheck is exactly the same amount. Some months have more days than others, so the hours included in each pay run can vary somewhat. Bi-weekly payroll A bi-weekly payment schedule means you run payroll every two weeks, usually on the...
Social Securityis a U.S. government-mandated retirement system for employees and their spouses, along with providing security in certain cases of disability. In fact, the formal name of the program is the Old Age and Survivors and Disability Insurance and may appear on a paystub asOASDI. ...