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Social Security is a complex program, and one of the more confusing aspects is the financial state of its trust funds: the Old-Age and Survivors Insurance (OASI) fund (which covers retirement ...
While FICA payroll taxes accounted for 90% of Social Security’s revenue in 2021, AARP reported, most of the rest was funded through the OASI trust fund and interest earned by the fund.
The OASI Trust Fund and the DI Trust Fund are legally separate. For employees and employers combined, the OASI payroll taxes are 10.6 percent and the DI payroll taxes are 1.8 percent. In 2022, trust fund reserves for the OASI and DI programs were $2.7 trillion and $118 billion, respectively.
The COVID-19 pandemic was confirmed to have reached the U.S. state of Ohio on March 9, 2020, when the state's first cases were reported. The first death from COVID-19 in Ohio was reported on March 19. Subsequently, records supported by further testing showed that undetected cases had existed in Ohio since early January, with the first confirmed ...
Looming Funding Shortfall One of the biggest impacts will happen after Social Security’s Old-Age and Survivors Insurance (OASI) Trust Fund runs out of money , which is expected to happen in ...
The COVID-19 pandemic is an ongoing viral pandemic of coronavirus disease 2019 (COVID-19), a novel infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The pandemic affected the city of Columbus, Ohio , as Ohio's stay-at-home order shuttered all nonessential businesses, and caused event cancellations into 2021.
Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 – March 2020; Families First Coronavirus Response Act – March 2020; Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – Includes $1200 stimulus checks, March 2020; Paycheck Protection Program and Health Care Enhancement Act – April 2020
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