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Thingamageorge WS4Retirement

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 (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