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Home > Resources > Rates and Limits 2020 Payroll

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Rates and Limits 2020 Payroll

Use this checklist for 2020 that shows the rates and contributions limits for FICA, minimum wage, 401K and IRA Retirement, and Health Savings Accounts (HSA).

Payroll

  • Employee FICA – 6.2%
  • Employer FICA – 6.2%
  • Social Security Wage Base – $137,700
  • EE FICA Tax paid in – $8,537.40
  • ER Max FICA Tax paid in – $8,537.40
  • Standard Business Mileage – $.575
  • PA State Tax Rate 3.07%
  • Minimum Wage – $7.25 (Federal)
  • Minimum Wage – $8.75 (DE)
  • Minimum Wage – $10.00 (NJ)

Retirement

  • 401K/403B Contribution – $19,500
  • Catch-up – $6,500
  • Simple IRA – $13,500
  • Catch Up – $3,000
  • IRA & Roth IRA – $6,000
  • Catch Up – $1,000

Health Benefits

  • HSA Contributions Employee Only – $3,550
  • HSA Contributions Family Coverage – $7,100
  • HSA Catch Up Amount – $1,000

January 1, 2020

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PMA Medical Specialists, LLC

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