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I know I will get back federal withholding but what about oasdi withholding??

2007-09-06 04:08:01 · 7 answers · asked by KELLY C 1 in Business & Finance Taxes United States

7 answers

The only way you get any oasdi back would be if you had either 2 jobs and your wages for the 2 jobs exceeded the limit for taxation of social security ($94,200 in 2006, and $97,500 in 2007). There would be a refundable credit you would get on the 1040 for this overpayment. Also, if you had W-2 wages, and also self-employment income, and exceeded the limit for taxation of social security (for limits see above) but still paid self-employment income on the total.

Otherwise, you don't get OASDI back. It's held until you retire, and then that's when you start to get it back.

2007-09-06 04:36:54 · answer #1 · answered by Anonymous · 0 1

You would only get a refund of OASDI if you held 2 or more jobs during the tax year and earned a total of more than $97,500 (for 2007) between the two jobs. Other than that single exception, OASDI is a flat-rate tax on all earned income and is not subject to accounting at the end of the year so none of it can be returned to you.

2007-09-06 04:25:42 · answer #2 · answered by Bostonian In MO 7 · 1 0

Oasdi Tax Return

2016-12-12 07:29:50 · answer #3 · answered by veldkamp 4 · 0 0

OASDI is more often known as social security tax. You won't get that amount back per se. But when you reach retirement age or if you become disabled, you can file for payments from the Social Security Administration.

2007-09-06 04:22:36 · answer #4 · answered by Plea_of_insanity 5 · 0 0

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sdi tax is for temporary state disability that you collect for up to 26 weeks. you can deduct it on your federal tax return. oasdi tax is oldschool name for. social security tax you cannot deduct it on tax return. oasdi means old age supplemental disability tax. some small businesses use bookkeeping forms that say this . don't sweat it. a rose by any other name smells just as sweet, or taxes by any other name are just as rotten.

2016-04-03 22:53:19 · answer #5 · answered by Karen 4 · 0 0

No you won't get back the disability insurance amounts.

2007-09-06 04:15:22 · answer #6 · answered by Judy 7 · 0 0

how about if thats the only deduction you have in your paycheck. I dont have the normal federal deduction I just have OASDI. Does anybody know if i am in trouble for that.?????

2016-01-20 08:44:10 · answer #7 · answered by Edel 1 · 0 0

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