Categories
WS4Retirement

2020 IRS 401k Limits

New Limits for 2020 The Internal Revenue Service (IRS) published updated limits for contributions to a 401(k) plan in 2020: Elective deferral limit for Pre-Tax and/or Roth contribution increased from $19,000 to $19,500 Annual contribution limit, including Company Match, increased from $56,000 to $57,000 Annual compensation limit increased from $280,000 to $285,000 Catch-up contribution limit increased from $6,000 […]

Categories
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