1. The FICA Social Security rate is 6.20 percent on earnings up to the applicable taxable maximum amount $137,700 in 2020.

2. The Medicare portion is 1.45 percent on all earnings. Also, since January 2013, individuals with earned income of more than $200,000 or $250,000 for married couples filing jointly pay an additional 0.9 percent in Medicare taxes.

3. Tax deferred plan 401K limit is $19,500 in 2020, additional $6,000 for age 50 or over.