Today, the Social Security Administration issued a press release with updates for 2021 including updating their fact sheet.
The updates include:
The updates include:
- The Social Security Wage Base is increasing from $137,700 in 2020 to $142,800 in 2021.
- The cost-of-living adjustment (COLA) is 1.3% for 2021, only about 80% from 2020's 1.6% increase.
- The nanny tax threshold is $2,300 for 2021, up $100.
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