Social Security Programs Rates & Limits Updated for 2019
The Social Security Administration (SSA) recently announced increases for 2019 in the maximum earnings subject to Social Security (SS) tax. For 2019, the maximum earnings subject to SS tax will increase by $4,500. Here’s a breakdown of current levels and post-2019 levels, and how they impact the maximum payment that taxpayers owe:
FICA and additional Medicare taxes remain unchanged. On top of the SS payment, taxpayers owe 1.45% of all earnings to cover FICA. Those with earnings greater than $200,000 individually, $250,000 married filing jointly, or $125,000 married filing separately owe an additional 0.9% in Medicare taxes.
Here is a complete overview of the 2019 rates and limits for SSA programs:
Be sure to contact your Scott and Company advisor with questions on your particular situation.