The Social Security Administration (SSA) has released the 2020 Social Security changes. The social security (or Old Age, Survivors and Disability Insurance (OASDI)) wage base for 2020 will be $137,700. The rates will remain the same at 6.2% for social security and 1.45% for Medicare. There will continue to be no limit on Medicare. The Additional Medicare Tax, started under President Obama, will continue with the same wage base, $200,000 and the same rate, 0.9% with no employer matching.
Back on May 8th we posted the social security wage base projects that were issued by the Social Security Administration in their 2019 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Fund. There were three estimates, low, medium and high. The rates ranged from $136,800 to $137,100. So the final wage base coming in at $137,700 was not too far off.
Our subscribers to Payroll 24/7 E-Alert received the news of the 2020 wage base the same day it was released by the SSA. Don’t wait for important payroll news, subscribe today for only $149 per year. That’s hundreds of dollars less than our nearest competitor. And our news is strictly payroll related.
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