by reid » Mon Dec 19, 2011 7:21 pm
The OASDI tax rate for wages paid in 2012 is set by statute at 6.2 percent for employees and employers, each. http://www.ssa.gov/OACT/COLA/cbb.html
In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance (OASDI) program.[1] The original Social Security Act[2] (1935) and the current version of the Act, as amended[3] encompass several social welfare and social insurance programs. The larger and better known programs are:
Federal Old-Age (Retirement), Survivors, and Disability Insurance
Unemployment benefits
Temporary Assistance for Needy Families
Health Insurance for Aged and Disabled (Medicare)
Grants to States for Medical Assistance Programs (Medicaid)
State Children's Health Insurance Program (SCHIP)
Supplemental Security Income (SSI)
Patient Protection and Affordable Care Act
http://en.wikipedia.org/wiki/Social_Security_%28United_States%29