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FICA Tax Limit for 2020 Also Announced
Although much of the hoopla and teeth-gnashing this week related to the 1.6% cost-of-living adjustment (COLA) for Social Security beneficiaries (and specifically it’s drop-off from 2019’s 2.8% increase), the Social Security Administration also announced the wage base limit for 2020. Wages subject to FICA tax will be a maximum of $137,700 next year, an increase of 3.6%. For more details on these numbers for 2020, check out Forbes staffer Ashlea Ebeling’s post here…
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