{"id":11578,"date":"2020-01-20T15:01:40","date_gmt":"2020-01-20T20:01:40","guid":{"rendered":"http:\/\/blogs.cooperhealth.org\/weeklyrounds\/?p=11578"},"modified":"2020-01-21T13:53:34","modified_gmt":"2020-01-21T18:53:34","slug":"correction-in-changes-to-2020-tax-rates","status":"publish","type":"post","link":"https:\/\/blogs.cooperhealth.org\/weeklyrounds\/2020\/01\/correction-in-changes-to-2020-tax-rates\/","title":{"rendered":"Correction in: Changes to 2020 Tax Rates"},"content":{"rendered":"<p>Updated information:<\/p>\n<ul>\n<li><strong>NJ Disability and Family Leave<\/strong> wage limit is increasing to $134,900 (<strong>from $34,400 in 2018<\/strong>).<\/li>\n<\/ul>\n<p style=\"text-align: center\">~~~<\/p>\n<p>The 2020 tax rates have been announced. These are the rates for many of the Federal and State deductions in your paycheck. The 2020 tax rates are as follows:<\/p>\n<p>The Social Security tax rate for employees is 6.2% through the end of 2020, with maximum taxable earnings of $137,700. (Source: Social Security Administration website.)<\/p>\n<p>The Medicare tax rate is 1.45% with no maximum wage-base limit.<\/p>\n<p>Please note that as of 2013, wages paid in excess of $200,000 to high-earner employees will be subject to an extra 0.9% Medicare tax that will be withheld from those employees\u2019 wages.<\/p>\n<p><strong>Major changes in NJ Disability and Family Leave contributions for 2020:<\/strong><\/p>\n<ul>\n<li><strong>NJ Disability and Family Leave<\/strong> wage limit is increasing to $134,900 (<strong>from $34,400 in 2018<\/strong>).<\/li>\n<li><strong>NJ Employee Disability<\/strong> rate will increase from .0017% to .0026%.<\/li>\n<li><strong>NJ Family Leave Act<\/strong> rate will increase from .0008% to .0016%.<\/li>\n<li><strong>NJ Unemployment<\/strong> wages will increase from $34,400 to $35,300.\u00a0Rates will remain the same.<\/li>\n<li><strong>PA State Personal Income Tax<\/strong> rate is 3.07%.<\/li>\n<li><strong>PA State Unemployment Tax<\/strong> rate is .0006% on all wages.<\/li>\n<li><strong>City of Philadelphia Wage Tax<\/strong> rate is 3.8712% for Philadelphia residents.<\/li>\n<\/ul>\n<p><strong>Additional payroll tax information can be found on the Pulse under Departments\/Finance\/Payroll.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Updated information: NJ Disability and Family Leave wage limit is increasing to $134,900 (from $34,400 in 2018). ~~~ The 2020 tax rates have been announced. These are the rates for many of the Federal and State deductions in your paycheck. The 2020 tax rates are as follows: The Social Security tax rate for employees is &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/blogs.cooperhealth.org\/weeklyrounds\/2020\/01\/correction-in-changes-to-2020-tax-rates\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-ddevenney","4":"post-11578","6":"format-standard","7":"category-uncategorized"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Correction in: Changes to 2020 Tax Rates - Weekly Rounds<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Correction in: Changes to 2020 Tax Rates - Weekly Rounds\" \/>\n<meta property=\"og:description\" content=\"Updated information: NJ Disability and Family Leave wage limit is increasing to $134,900 (from $34,400 in 2018). ~~~ The 2020 tax rates have been announced. These are the rates for many of the Federal and State deductions in your paycheck. The 2020 tax rates are as follows: The Social Security tax rate for employees is ... 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