2020 Numbers to Know
Each year, the IRS updates numbers based on inflation that affect payroll, retirement plans, and employee benefits. Here are some key figures for 2020: Payroll Social Security Taxable Wage Base - $137,700 Social Security Withholding Percentage - 6.2% Medicare Taxable Wage Base - unlimited Medicare Withholding Percentage up to earnings of $200,000 - 1.45% Medicare Withholding Percentage for earnings above…