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The dip in the maximum OASDI contributions for 2011 and 2012 causes the 2013 rate to appear as a spike, when in fact it is a return to the levels imposed in the years 1990 through 2010. Note that although self-employed individuals pay 12.4%, this is mitigated two ways.
Notes: Tax rate is the sum of the OASDI and Medicare rate for employers and workers. In 2011 and 2012, the OASDI tax rate on workers was set temporarily to 4.2% while the employers OASDI rate remained at 6.2% giving 10.4% total rate. Medicare taxes of 2.9% now (2013) have no taxable income ceiling. Sources: Social Security Administration [12] [13]
The OASDI is deducted from an employee’s paycheck, and it’s factored into self-employment taxes. Find out how much you'll pay for 2024.
The OASDI tax rate for wages in 2022 is 6.2% each for employers and employees. That means an employee earning $147,000 or more would pay a maximum of $9,114 into OASDI.
The OASDI tax rate for wages paid in 2022 is set by statute at 6.2% for employees and employers, so an individual with wages equal to or larger than $147,000 would contribute $9,114 to the OASDI ...
[a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7] This limit, known as the Social Security Wage Base , goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.
The 6.2% OASDI tax, which funds various Social Security programs, applies only to the first $147,000 of a worker’s earnings for 2022. ... However, the limits of how much you can earn and still ...