What authority set the OASDI wage limit for 2016?

The Social Security Administration (SSA) is responsible for setting the OASDI (Old-Age, Survivors, and Disability Insurance) wage limit, which is commonly referred to as the Social Security wage base limit. This limit determines the maximum amount of earnings that are subject to Social Security taxes for a given year.

In 2016, the SSA set the wage base limit at $118,500. The agency monitors and adjusts the wage limit annually based on changes in the national average wage index. This is part of their role in administering the Social Security program, ensuring that adjustments reflect economic conditions and wage trends in the economy.

The Federal Reserve, the Internal Revenue Service, and the Department of Labor do not have the authority to set the OASDI wage limit. The Federal Reserve primarily deals with monetary policy, the IRS is involved in tax collection and enforcement, and the Department of Labor focuses on labor relations and workforce standards. Therefore, the Social Security Administration is the correct authority for setting this wage limit.