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lectur11-page19 - associated with these programs. The...

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19 Social Security Issues: Current “Social Security” tax rate: 7.65 percent OASDI TAX: Old Age, Survivors, and Disability Insurance. The 2000 rate of tax is 6.2 percent to a taxable wage limit of $76,200. The maximum tax an employee may pay is $4,501.20 What we refer to as “social security” is really three different programs. There is a retirement program, a disability program and a medical insurance program that is referred to as medicare. There are also three different trust funds
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Unformatted text preview: associated with these programs. The retirement program that was started in 1937 is officially known as the Old Age and Survivors Insurance Fund or OASI. The disability program was initiated in 1957 and is officially known as the Disability Insurance Fund or DI. The OASI tax rate for 2000 is 5.30% and the DI tax rate for 2000 is .90%. These two programs discussed collectively are termed as OASDI with a combined tax rate of 6.20% on the first $76,200 of wages....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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