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General Nature of the OASDHI Program

1.Old age benefits 

2.Survivors benefits

3.Disability benefits

4. Medicare benefits

Eligibility and Qualification

1.Quarter of coverage -- 1 quarter for $870 

in earnings in 2002

2.Fully insured status -- 40 quarters

3.Currently insured status  -- 6 of last 13 

Financing

1.FICA tax: originally 1%; by 2002, employer 

and employee each pay

OASDI6.20%

Medicare1.45%

Total7.65% 

2.Taxable wage base:  originally $3,000, $84,900 by 2002.

3.Medicare tax is not subject to wage base.

Financing

Self-employment tax: 

originally about 1.5 times 

employee tax.  

now equals combined tax for employer 

and employee. 

self employed may deduct one-half 

self-employment tax paid when computing federal income tax.