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5 Payroll Tax Changes to Know in 2020

Posted by Dana Spinello, CPA on Feb 17, 2020 1:25:00 PM
Dana Spinello, CPA

FrankCrum_Ethumb_payrollchangesNumerous payroll changes are taking effect in 2020, and if they aren’t done correctly, they’ll be a big headache for your business. As a standard, an employee’s paycheck consists of federal income tax, Social Security and Medicare.

For 2020, Social Security payroll tax increased by $4,899 to $137,700 — increasing from $132,900 in 2019. In addition, a new W-4 is required for employees hired on or after January 1, 2020, and current employees who wish to change their withholding statuses.

We want to help ensure your business runs smoothly, which is why we’ve created this handy infographic with payroll tax changes you should know in 2020.

FrankCrum_infographic_PayrollTaxChanges2020

Payroll Tax Changes 2020

Topics: Payroll & Taxes

Dana Spinello, CPA

Written by Dana Spinello, CPA

Dana is the Director of Tax & Unemployment at FrankCrum. Dana has been with FrankCrum since 2010 and oversees tax compliance and unemployment benefit administration. She has been a Certified Public Accountant since 2002. She first realized her aptitude with accounting when she chose to play with her mother’s adult learning accounting class material at age seven. When she’s not working, Dana enjoys traveling, true crime, and reading historical novels.