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We have updated the text to the current tax year as noted below. Hello, I'm Jeremy from TurboTax, with important information about your Social Security Tax payments. If you're employed, you may notice a line on your pay stub for Social Security, FICA, or OASDI. These all relate to ...
The Social Security tax is mandated by theFederal Insurance Contributions Act (FICA).1It pays for the benefits that Americans receive under theOld-Age, Survivors, and Disability Insurance (OASDI)program—the official name for Social Security. The Social Security tax is applied toincome earnedby em...
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. What Is The Social Security Tax Rate? The Social Sec...
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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. ...