Old Age, Survivors, Disability, And Health Insurance (OASDHI)
Definition of "Old age, survivors, disability, and health insurance (OASDHI)"
Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the Social Security Act of 1935. Federal taxes are withheld from the paychecks of all covered workers, which includes most workers with the exception of public employees and certain union employees. Self-employed persons are also required to pay the tax. Benefits are paid to retired workers after age 65, with a partial benefit for retirees at age 62. Dependents and survivors of qualified workers also qualify for benefits, as do some categories of disabled workers and their dependents.
Popular Insurance Terms
Contribution whose purpose is to increase funding of underfunded pension plans. It is part of the calculation that is made to arrive at the plan's minimum funding requirement. Usually a ...
Organization that develops and publishes educational material and administers national examinations in supervisory management, general insurance, claims, management, risk management, ...
Trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of ...
coverage issued to a creditor on the life of a debtor so that if the debtor becomes disabled, the insurance policy pays the balance of the debt to the creditor. ...
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1968 federal legislation that makes it mandatory for lenders to disclose to credit applicants the annual interest percentage rate (APR) and any finance charge. ...
basic feature of the social security act under which benefits paid are associated with the employee's earnings that have been taxed during the employment period. ...
Charitable planning strategy in which a donor sells an asset to the charity for an amount less than its fair market value. Internal Revenue Service regulations require that the tax basis ...
Payment by an insurance company to a damaged or destroyed business to hasten its return to normal business operations. For example, if a kitchen of a restaurant is damaged by fire, the ...
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