What is oasdi tax?

[Grayson]

What is OASDI tax and how does it actually work? I see it deducted from paychecks, but I’m not totally sure what it covers or why it’s required. Does it only fund Social Security benefits, and is the rate the same for everyone? Anyone familiar with payroll taxes, please explain. You can also read about Is Oasdi Tax Mandatory?

 

[amara]

The OASDI tax stands for Old-Age, Survivors, and Disability Insurance, which is the official name for the U.S. federal Social Security tax. It is a mandatory payroll tax used to fund a national program that provides financial benefits to retirees, disabled individuals, and the surviving family members of deceased workers.

 

[alexie]

The official name of the federal Social Security tax in the United States is Old-Age, Survivors, and Disability Insurance (OASDI). A nationwide program that offers financial assistance to pensioners, people with disabilities, and the surviving relatives of workers who have passed away is funded by this statutory payroll tax.

 

[rajivkumar]

Old-Age, Survivors, and Disability Insurance (OASDI) is the official name of the federal Social Security tax in the United States. This statutory payroll tax funds a national program that provides financial aid to retirees, individuals with disabilities, and surviving family members of deceased employees.

 

[karen]

The amount of tax you are required to pay, obliged by Social Security, that funds retirement, disability, and survivor benefits is known as OASDI tax and the rate is usually equal to all, unless you reach the annual cap on the amount of earnings you can be taxed on. Most workers are required to have it, hence yes-OASDI tax -is obligatory.

 

[peterkavinsky]

OASDI tax is the Old-Age, Survivors, and Disability Insurance tax, which helps fund U.S. Social Security benefits. It’s automatically taken from your paycheck to support retirement, disability, and survivor programs.