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Social Security consists of two deductions:
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- Old Age and Survivors Insurance (OASI) which is withheld at the rate of 6.2% of wages up to the annual maximum determined by the Social Security Administration each calendar year.
- Medicare Health Insurance which is withheld at the rate of 1.45% on all wages.
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Students who are enrolled and attending classes at Texas Tech at least half time and are employed in a position which requires student status as a condition of employment are exempt from Social Security withholding.
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Some nonresident alien employees on an F1 or J1 visa are exempt from Social Security withholding during their early years of presence in the United States. See IRS Publication 519 Click here.
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