What’s the Maximum Social Security Tax One May Owe in 2020?
Newsflash: you don’t pay Social Security tax on every nickel you earn. The wage cap will be $137,700 starting in 2020. Social Security taxes are 6.2% of your total salary, or 12.4% of your earnings if you’re self-employed. This means the maximum you could owe in 2020 is $8,537.40 for employees and $17,074.80 for those who are self-employed. Read the full piece by Christy Bieber here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.