OASDI

AcronymDefinition
OASDIOld-Age, Survivors, and Disability Insurance (US Social Security)
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References in periodicals archive ?
This is an undergraduate textbook on social welfare programs in the United States with a heavy emphasis on OASDI. It offers a fine overview of the nuts and bolts of the programs that constitute America's crazy-quilt social policy system.
For example, the gradual rise in OASDI payroll taxes mandated by the Social Security Amendments of 1983, from 10.8 percent of wages and salaries in 1983 to 12.4 percent today, has led to surpluses that then went to finance B-2 bombers, farm subsidies, savings and loan deposit insurance, and other general federal expenditures.
Their plan removes both the OASDI and the Hospital Insurance (HI) Trust Funds from the budget and holds the deficit in the remaining accounts (that is, the non-OASDHI budget) to 1.5% of GNP.
Senator Moynihan's proposal cuts the OASDI tax rate to 10.2 percent of covered wages in the 1990s.
For each SIPP panel, all waves of data--including core questions and topical modules--can be linked to extracts of the basic SSA program records, including the following: The Master Beneficiary Record, which contains eligibility and benefit histories of the OASDI program; the Supplemental Security Record, which contains eligibility and benefit histories for the SSI program; and the Summary Earnings Record, which contains a history of covered earnings for each worker.
For 2015, the maximum earnings base (the maximum amount of annual earnings subject to the tax) for the OASDI tax is $118,500.
If the employer elects to pay the additional OASDI tax, then any employee (but most typically, high-paid employees) can contribute $15,000 or $20,000 on a pre-tax basis to a tax-exempt trust.
For employees and employers, the rate of the OASDI tax is 6.20%, and the rate of the HI tax is 1.45%.
Employee and Taxable Taxable Employer Year Earnings Earnings (1) OASDI & HI (2) 1940 $3,000 $42,579 2.0% 1950 3,000 24,734 3.0 1960 4,800 32,222 6.0 1970 7,800 39,945 9.6 1980 25,900 62,456 12.26 1990 51,300 77,990 15.3 2000 76,200 (4) 87,927 15.3 2006 94,200 (4) 94,200 15.3 Average Population Age 65 Monthly or Older Receiving Covered Workers Year Benefit (3) OASDI to Beneficiaries 1940 $322.32 0.7% 50.1 to 1 1950 256.74 16.4 16.5 to 1 1960 548.64 61.6 5.1 to 1 1970 634.10 85.5 3.7 to 1 1980 820.96 91.4 3.2 to 1 1990 838.02 92.4 3.4 to 1 2000 971.03 91.1 3.4 to 1 2006 989.00 n.a.
The Social Security budget model has two independent submodels dealing separately with the demographic and financial aspects of the OASDI system.
41(h) to use its research credit as a credit against the employer portion of its old age, survivors, and disability insurance (OASDI) liability.
* Tax rate: 15.3% (12.4% OASDI tax plus 2.9% Medicare tax).