What is OASDI tax?

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  • December 29, 2023 at 9:23 pm #29044
    Geoff Massanek
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    December 29, 2023 at 9:28 pm #29073
    Geoff Massanek
    Moderator

    The Old Age, Survivors, and Disability Insurance (OASDI) tax is meant to provide financial support to those who have lost income due to retirement, disability, or death. The OASDI program, also known as Social Security, makes up the Federal Insurance Contributions Act (FICA) tax which is a payroll tax, apart from the Medicare tax. FICA tax makes up 15.3% of your income.  

    It is a mandatory tax levied on most people’s income. However, any income level above the taxable maximum is exempt from Social Security tax. Self-employed individuals making less than $400 a year are also exempt from the Social Security tax.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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