Question

The United States government’s old-age, survivors, and disability insurance benefits program (OASDI) and the retirees’ health insurance program (HI) are programs funded through social security and Medicare taxes imposed on employees and their employers.

Two taxes are imposed on employees and two taxes on employers. One of the taxes finances the federal old-age, survivors, and disability insurance program (OASDI). The other finances the hospital insurance (HI), or Medicare, program.

? Tackle It

Using the information provided here and in your text, complete the following:

a. Input the correct answer:

1. The 2019 OASDI rate is, to 3 decimals,  or, as a percent, %.
2. The 2019 earnings cap for OASDI equals $.

Answer 1

The OASDI rate for 2019 is 6.2%

The 2019 earnings cap for OASDI is $ 132,900 ( Social security )

No earning limit for Medicare