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The Social Security Act, as amended, imposes a separate tax on employees and employers under the Federal Insurance Contributions Act. It contains two components: the

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The Social Security Act, as amended, imposes a separate tax on employees and employers under the Federal Insurance Contributions Act. It contains two components: the old-age, survivors, and disability insurance (OASDI) benefits and hospital insurance (HT) benefits. The acronym "OASDI"refers to the Old-Age, Survivors, and Disability Insurance program of the Social Security Administration (SSA). However, the program that began in 1935 originally did not contain provisions for disability insurance. In fact, the "Din OASDI was implemented more than 20 years later, on August 1, 1956. This is the date that President Dwight D. Eisenhower signed into law the 1956 Amendments to the Social Security Act establishing the Social Security Disability Insurance program. At first the program provided monthly benefits only to disabled workers between the ages of 50 and 65 who met certain requirements for insured status. This program has significantly changed since its inception." Using the information provided here and in your text, complete the following: a. Input the correct answer: 1. The 2018 OASDI rate is, to 3 decimals, 2. The 2018 earnings cap for OASDI equals s or as a percent, %. b. Complete the following statements: 1. Another name for old-age, survivors, and disability insurance benefits and retiree's health insurance program is 2. The employer must consider when computing the OASDI portion of the FICA tax. 3. Once the OASDI taxable wage base has been reached, made to the employee during the remainder of the year are not taxable. 4. The wage base applies to amounts paid employees in a and not to the time when the services were performed by the employees 5. The taxable wage base changes based on 6. If an employee pays FICA in excess of the taxable base, they are entitled to a refund. The amount of the overpayment is -- https://www.ssa.gov/policy/docs/ssb/V3/V66n3p1.html OASDI: Scenario 1

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