Social Security and Medicare tax As of January 1, 2020, the maximum amount of annual earnings subject to Social Security increases to $137,700 (from $132,900 in 2019). There is no limit on the amount of earnings subject to the Medicare tax.
The long awaited new Form W-4 is finally here. Here’s the rundown on the new form, which businesses must start using for new employees hired on or after January 1, 2020.
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