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Category WS4Retirement

2020 IRS 401k Limits

New Limits for 2020 The Internal Revenue Service (IRS) published updated limits for contributions to a 401(k) plan in 2020: Elective deferral limit for Pre-Tax and/or Roth contribution increased from $19,000 to $19,500 Annual contribution limit, including Company Match, increased from $56,000… Continue Reading →

2020 HSA contribution limits

Do you have an HSA (Health Savings Account)? HSA Deposit increased 2019 2020 Single coverage $3,500 $3,550 Family coverage $7,000 $7,100 Catch-up contribution for those who are age 55 or older $1,000 $1,000

2020 IRS Wage Base

Social Security Wage Base: Increase for 2020 Description 2020 2019 Increase Social Security Rate 6.2% 6.2% -0- Social Security Wage Base $137,700 $132,900 $4,800 Max. Social Security Tax $8,537.40 $8,239.80 $297.60 Medicare Tax Rate 1.45% 1.45% -0- Medicare Tax Rate… Continue Reading →

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