Each Year, the FICA (OASDI Portion) Taxable Wage Base Is

question 16

True/False

Each year, the FICA (OASDI portion) taxable wage base is automatically adjusted whenever a cost of living raise in social security benefits becomes available.

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Definitions:

Assessed Values

Assessed values are the valuation of property, usually by a public tax assessor, for the purpose of determining property taxes.

Mill Rate

The amount of tax payable per dollar of the assessed value of a property.

Current Assessment

An evaluation or estimation of the present status, value, or condition of something.

Percentage

A fraction or ratio expressed as a part of 100, used to denote a proportion of a whole.