2020 Payroll Taxes Will Hit Higher Incomes

Starting Jan. 1, 2020, the maximum earnings subject to the Social Security payroll tax will increase by $4,800 to $137,700—up from the $132,900 maximum for 2019,
the Social Security Administration (SSA) announced Oct. 10. The
SSA also posted a

fact sheet summarizing the 2020 changes.Additionally, the SSA announced that Social Security benefits for nearly 69 million Americans will increase 1.6 percent in 2020.The taxable wage cap is subject to automatic adjustment each year based on

Leave a Reply

Your email address will not be published. Required fields are marked *