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
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