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
(Wages > $200,000)
2.35% 2.35% -0-
Medicare Wage Base No Limit No Limit N/A

Source:
https://www.ssa.gov/policy/docs/quickfacts/prog_highlights/index.html