The Christmas Cove Dyke of coastal Maine, USA, and regional sources ... by McHone, J. Gregory; Hussey, Arthur M., II; West, David P., Jr.; Bailey, David G. / Atlantic Geology.
Social security and Medicare taxes have different rates and only the social security tax has a wage base limit. The wage base limit is the maximum wage subject to the tax for the year. Determine the amount of withholding for social security and Medicare taxes by multiplying each payment by the employee tax rate. There are no withholding allowances for social security and Medicare taxes.
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.