What is OASDI tax?

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    StellarFi
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    StellarFi
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    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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