Social Security card changes and projected wage base

Social Security cards have been the core document used to verify identity but that could change. Currently, the cards are not very durable when compared to other forms of ID or IDs from other countries. As a result, the Social Security Administration (SSA) is looking into revamping the card using more durable materials or using other electronic format. Implementing this type of change will take time, for now the cards will stay as-is.

According to The Board of Trustees of the Social Security Trust Fund, projected social security wage base for 2020 will be $136,800, $3,900 increase from prior year. Additionally, the board released projected wage bases through 2026:

• 2021 – $142,200
• 2022 – $149,100
• 2023 – $155,700
• 2024 – $162,300
• 2025 – $168,900
• 2026 – $175,800

If you would like additional information or to discuss the topics mentioned, please contact Jim Wagoner, CPA at 317-260-4428 or jwagoner@greenwaltcpas.com.