If you've paid extra OASDI due to working for more than one employer and earning above the maximum subject to this tax, and you're filing Form 1040, you can report the excess on Line 69. It will be counted as additional taxes paid and will either increase your refund or offset a portion of the taxes you owe.
There are several tax deductions that appear on a payroll statement. These are FICA, which is Medicare and Social Security, along with income tax and OASDI. OASDI stands for old age, survivors, and disability insurance.
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) contributions are withheld from wages up to $106,800 in 2009.
why iam I paying fed oasdi/ee and ny oasdi/ee isn't it the same thing
No, Social Security taxes are separate from income tax. There is no refund.
For the year 2004 the maximum earnings subject to the 6.2% social security tax was 87,900. For the year 2004 the amount was 5449.80 maximum contribution amount to the OASDI program social security benefit program.
Classic Withholding Tax applies to the practice in some countries for people paying invoices to hold back a certain portion of their payment for withholding tax purposes. The United Kingdom is one of the countries the utilizes the Classic Withholding tax method.
One can find the IRS withholding calculator on the IRS and Taxes websites. Those who can benefit from using the calculator include employees who want to reduce their tax refund due and employees with non wage income in excess of adjustments. The site has a link to the IRS withholding calculator in the middle of the page.
$6300 I believe
Amount of taxes that were overpaid to the IRS The excess amount of your withholding and estimated tax payments would be the amount that is MORE than your federal tax liability on your correctly completed federal 1040 income tax return and would be the amount of the REFUND that you could possibly receive after sending your tax return to the correct IRS address. Overpayment amount of taxes
Backup withholding is an investment term. Essentially, it means federal income tax that is withheld by a bank when it does not have the account holder's Social Security number on file.
OASDI stands for Old-Age, Survivors, and Disability Insurance. It is a federal program in the United States that provides financial support to retired individuals, survivors of deceased workers, and individuals with disabilities.
depends on withholding percentage. roughly 3 grand