Dependency status on the FAFSA is different than dependency status on federal income tax returns. It doesnât matter whether or not your parents claim you as a dependent (exemption) on their federal income tax return. Being a dependent on a tax return doesnât affect your dependency status on the FAFSA. The opposite is also true. Being a dependent on the FAFSA doesnât affect your dependency status on your parentsâ tax return.
Ultimate guide to retirement. Medicare is funded by the Social Security Administration. Which means it's funded by taxpayers: We all pay 1.45% of our earnings into FICA - Federal Insurance Contributions Act, if you're into deciphering acronyms - which go toward Medicare. Employers pay another 1.45%, bringing the total to 2.9%.
What is OASDI/MED (FICA) The Federal Insurance Contribution Act (FICA) provides a system of Social Security and Medicare. benefits financed through taxes on employers and employees. FICA taxes and benefits consist of two. parts: Social Security or Old Age Survivors, and Disability Insurance (OASDI), and Hospital Insurance for. senior citizens and the disabled also known as Medicare (Med). The amounts deducted are set Annually by the Social Security Administration (SSA). OASDI is currently. 6.2% of Taxable Gross and MED is 1.45% of Taxable Gross. Each year the SSA set limits on the Taxable. Gross amount to be taxed for OASDI.