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January 24, 2020
2020-5118

Our US employment tax rates and limits publication is now available for 2020

We are pleased to announce that our annual publication of key federal and state rates and limits is now available for tax year 2020. Included in our publication, US employment tax rates and limits for 2020, you will find:

  • Social Security wage base for 2020
  • Qualified pension plan limits for 2020        
  • Health Savings Account limits for 2019 and 2020 
  • Fringe-benefit inflation adjustments and Form W-2 penalties for 2020  
  • Federal mileage rates and luxury vehicle limit for 2020    
  • Per diem rates under high-low substantiation method for 2020           
  • 2019 FUTA credit reduction
  • State unemployment insurance wage base limits for 2018 through 2020
  • Disability and paid family leave insurance wage base and rates for 2020        
  • Federal income tax withholding for 2020
  • State income tax withholding tables and supplemental withholding rates for 2020  

Note that federal and state rates and limits can change throughout the year. The amounts shown here were current as of January 15, 2020. Follow us throughout the year for updates.

For the 2019 final rates and limits, view our publication, US employment tax rates and limits for 2019.

A PDF of our 2020 final rates and limits publication is attached below.

Contact Information
For additional information concerning this Alert, please contact:

Workforce Advisory Services - Employment Tax Advisory Services

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ATTACHMENTS

EY Payroll News Flash

US employment tax rates and limits for 2020

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

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