The Social Security Administration (SSA) has recently released their updated fact sheet for 2020:
The updates include:
The updates include:
- The Social Security Wage Base is increasing from $132,900 in 2019 to $137,700 in 2020.
- The Nanny Tax threshold will increase slightly from $2,100 in 2019 to $2,200 in 2020.
- The cost-of-living adjustment (COLA) is 1.6% for 2020, that’s about 60% of 2019’s 2.8% increase.
