Which of the following statements about the financing of OASDI and Medicare is (are)true?
I.There is a maximum taxable wage base for OASDI.
II.There is a maximum taxable wage base for Part A of Medicare.

Question

Quizplus · Accepted Answer

I is true because there is a maximum taxable wage base for OASDI (Old-Age, Survivors, and Disability Insurance), which is adjusted annually. II is false because there is no maximum taxable wage base for Part A of Medicare; all covered wages and self-employment income are subject to Medicare taxes.

Which of the Following Statements About the Financing of OASDI