The "SS" taxes stand for Social Security taxes. Sometimes the taxes will appear as OASDI taxes instead of SS taxes. OASDI refers to the official name of social security, which is Old Age, Survivors, Disability, and Hospital Insurance. Both employers and employees pay Social Security tax on t...
FICA-OASDI taxes are Social Security and Medicare taxes. The 2019 rate for FICA tax is 6.2 percent of your pay (employers also pay a matching 6.2 percent of your pay), to an income cap of $132,900. And the 2019 rate for Medicare is 1.45 percent, with a matching employer 1.45 percent...
You Could Get a Lien on Your Property If your unpaid back taxes start to pile up – generally once you owe the IRS $10,000 or more – and if you own or are paying down a mortgage on property, the federal government could put a lien on your property. “A tax lien is a...
What is an amended tax return? Settlement of Taxes: Governments are often very strict on collecting tax liabilities for a specific tax period from taxpayers. There are instances however, when the correction of erroneous payments or submission of tax returns are allowed by law. ...
Social Security tax: Frequently labeled as OASDI tax (which stands for old-age, survivors and disability insurance), this tax typically is withheld on the first $168,600 in 2024 at a rate of 6.2%. For 2025, the tax will be withheld on the first $176,100. Paying this tax is how you...
What Is the OASDI Tax? Almost everyone who earns money has to pay the OASDI tax, so familiarize yourself with it now. Geoff WilliamsMarch 28, 2025 Filing Last Minute: Pros and Cons Filing closer to April 15 will give you time to collect tax documents and help you...
What is federal tax? What is death tax? What is a value added tax? What is a direct tax? What is an example of a direct tax? What are examples of tax deductions? Who imposes taxes? What is tax abatement? What is OASDI tax?
What Is FICA Tax? Understanding the meaning of FICA is essential: It refers to a U.S. federal payroll tax that both employees and employers must pay. The tax consists of 2 main components: Social Security tax (6.2%): Also known as Old Age, Survivors, and Disability Insurance (OASDI)...
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
More technically, disposable income—sometimes called disposable personal income (DPI)—is how much money is left after mandatory deductions. These tend to be taxes, including income tax, Social Security (which might be labeled as OASDI on your paycheck) and Medicare contributions, and state unemplo...