Paycheck taxes question?

Question

got a 960 dollar paycheck and they cut off 13.92 for fed med/ee and fed oasd/ee

what are they?

anything else i should know? im sorry im new to this tax stuff

Answer 1

Those are witholdings for medicare and social security.  You're paying into the fund that will give you benefits (but not enough to live on, so plan well) when you get old.

The first $500 you make in a year doesn't get taxed, so less was taken out of this check than will probably be taken out of your checks in the future.

Answer 2

Med/ee is the employee share of medicare tax, which is 1.45% of your taxable gross.  OASDI (which stands for old age, survivors, and disability insurance) is the employee share of social security tax, which is 6.2% of your taxable gross. Social security is what we collect when we retire.  BUT we probably won't see any of this when we retire. With the government just handing out social security to anyone and everyone.  I know people who have parents that came here from another country, never worked a day in their life here in the U.S. and are collecting our social security.  Unbelievable!