What are FICA, OASDI and HI?
Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are usually referred to as “FICA taxes.” The Federal Insurance Contributions Act (FICA) was enacted to provide health, pension, and disability benefits to qualified recipients. OASDI is an acronym for Old Age and Survivors Disability Insurance. HI is an acronym for Health Insurance. FICA is deducted from your paycheck, matched dollar for dollar by your employer and the total funds are remitted to the Social Security Administration each payday. The percentages and maximum contributions vary from year to year.
Social Security payroll taxes are collected under authority of the Federal Insurance Contributions Act (FICA). The payroll taxes are usually referred to as “FICA Taxes”. The Federal Insurance Contributions Act (FICA) was enacted to provide health, pension, and disability benefits to qualified recipients. OASDI is an acronym for Old Age and Supervisors Disability Insurance. The maximum contribution for this insurance in 2010 is $106,800.00 at 6.2%. HI is an acronym for Health Insurance. There is no maximum contribution and the rate is l.45%. FICA is deducted from your paycheck, matched dollar for dollar by your employer and the total funds are remitted to the Social Security Administration each payday.
