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Wage Base Increase in 2020

2019 – 04/24 The Social Security Administration (SSA) anticipates a wage base increase for 2020. The SSA Office of the Chief Actuary has projected that the Social Security wage base will increase from $132,900 this year to $136,800 in 2020. The wage base is the maximum amount of earnings subject to Social Security tax. The Federal Insurance Contributions Act imposes two taxes on employers, employees and self-employed workers: one for Old Age, Survivors and Disability Insurance (the Social Security tax), and the other for Hospital Insurance (the Medicare tax).

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