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The minimum benefit is $50 per week, and the maximum benefit is updated each year. The "base period" for determining benefits is defined as 12 months divided into four consecutive quarters, excluding the quarter immediately prior - i.e., the lookback period is ~17 months pre-disability up to ~5 months pre-disability.
The income subject to OASDI tax is capped at $168,600 in 2024, up from $160,200 in 2023. The reason for the cap is that the amount of Social Security and disability benefits you can receive is ...
For self-employed people, the 2013 guidance from SSA indicates the full rate OASDI is 12.4% for 2013. See footnote a. at 2013 SSA.gov link. Returning to the traditional 6.2% OASDI employee share for 2013 effectively reduces take home pay by 2% and increases the maximum OASDI contribution by the same amount, returning it to traditional levels.
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 6.2% OASDI tax, which funds various Social Security programs, applies only to the first $147,000 of a worker’s earnings for 2022. ... As a result, the maximum possible Social Security ...
This limit is the highest income subject to Social Security taxes, and you'll need to consistently reach this cap to earn the maximum possible benefit amount. In 2024, the limit is $168,600 per year.
The regulation is projected to "result in a reduction of about 6,500 OASDI [Social Security] beneficiary awards per year and 4,000 SSI recipient awards per year on average over the period FY 2019–28, with a corresponding reduction of $4.6 billion in OASDI benefit payments and $0.8 billion in Federal SSI payments over the same period."
Social Security is often thought of as just a retirement income plan for older Americans, but what does the "OASDI" deduction stand for on your paycheck? Additional Social Security benefits you ...