--- title: 2020 Wage and Deferral Limits - Ahola description: Updated 2020 Wage and Deferral Limits have been released, including FICA, Unemployment Tax, Retirement Deferrals and Minimum Wage. image: https://blog.ahola.com/hubfs/Imported_Blog_Media/calendar-iamge.jpg --- Start typing and press Enter to search * * # 2020 Wage and Deferral Limits [Home](https://www.ahola.com/) » [News & Events](https://blog.ahola.com/2020-wage-and-deferral-limits) » 2020 Wage and Deferral Limits [2019-12-05%2010:57:12](2019-12-05%2010:57:12) ![](https://blog.ahola.com/hubfs/Imported_Blog_Media/calendar-iamge.jpg) ## 2020 Wage and Deferral Limits By [ aholaadmin ](https://blog.ahola.com/author/aholaadmin)  Posted [ December 5, 2019](2019-12-05%2010:57:12)  In  [Payroll](https://blog.ahola.com/tag/payroll), [Tax Compliance](https://blog.ahola.com/tag/tax-compliance) - - - - - Updated 2020 Wage and Deferral Limits have been released, including FICA, Unemployment Tax, Retirement Deferrals and Minimum Wage. Find the updated limits below. ### FICA Social Security: $137,700 Wage Limit, Employee withholding rate is 6.20% Medicare: No wage limits. Employee withholding rates: 1.45% (wages up to $200,000) and 2.35% (wages over $200,000). Employer tax rate on all wages: 1.45% ### UNEMPLOYMENT TAXES FUTA: Taxed on the first $7,000 of wages per employee. SUTA: Taxed on the first $9,000 of wages per employee. (Ohio) ### DEFERRALS 401(k), 403(b), and 457 plans: Deferral limit $19,500 + $6,500 catch-up SIMPLE 401(k) and IRA plans: Deferral limit $13,500 + $3,000 catch-up HSA Contribution Limits: Self-Only $3,550 + $1,000 catch-up, Family $7,100 + $1,000 catch-up (Employee + Employer) *Annual HSA Contribution limits vary by plan type selected (single or family) and need to be reset every year. Employees 55 or older are eligible for HSA catch-up contributions. ### 2020 MINIMUM WAGE The 2020 Minimum Wage is $7.25 per hour (federal minimum wage) for: • Those employees whose employers gross under $319,000 per year • Employees under the age of 16 The 2020 Ohio Minimum Wage is as follows, effective January 1, 2020: • $8.70 per hour for non-tipped employees • $4.35 per hour for tipped employees (plus tips)   Have additional questions about managing deferral limits and minimum wage? 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It does not constitute legal advice, and cannot constitute legal advice, because the authors are not licensed attorneys. Readers should not rely or act upon any information presented on this blog without seeking professional legal counsel. The views expressed in each post are those of the author, and the author alone; they are not the views of Ahola. The information provided in this blog is general, and based on information available as of the date of publishing. Information herein is provided on an “as is” or “as available” basis; we make no warranty of any kind to you regarding the information provided and disclaim any liability for damages from use of the blog or its content. Please consult an attorney to obtain advice with respect to any particular question or issue. [![](https://blog.ahola.com/hubfs/Imported_Blog_Media/laptop-image.jpg) Thinking of Outsourcing Payroll? 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