The payroll tax cap is rising in 2019
The payroll tax cap – the maximum amount of earnings that a worker must pay Social Security FICA taxes on – is going up for 2019. That really shouldn’t be thought of as surprising news, since the cap goes up most years as adjustments are made for inflation, but this year’s maximum earnings tax cap of $128,400 will rise to $132,900 for 2019. And that means that high earners will be shelling out more in contributions to the Social Security Trust Funds. This Motley Fool article by Maurie Backman discusses the 2019 payroll tax cap, as well as how the monies are distributed between Medicare and Social Security. Click here to read more.