Tax News Update    Email this document    Print this document  

February 5, 2020
2020-0303

Our 2020 US employment tax rates and limits publication is updated through February 1, 2020

We are pleased to announce that we have updated our 2020 annual publication of key federal and state rates and limits to reflect updates to the 2020 state unemployment insurance wage bases and state income tax withholding rates. Included in revised publication, US employment tax rates and limits for 2020 (rev. 2-1-2020), 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 February 1, 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.

———————————————

Contact Information
For additional information concerning this Alert, please contact:
 
Workforce Tax Services - Employment Tax Advisory Services
   • Kenneth Hausser (kenneth.hausser@ey.com)
   • Debera Salam (debera.salam@ey.com)
   • Kristie Lowery (kristie.lowery@ey.com)

———————————————
ATTACHMENT

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.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement