Public Announcements
2020 IRS LIMIT ANNOUNCEMENTS:
SOCIAL SECURITY LIMIT: $137,700
401K MAXIMUM: $19,500 - Total Comp = $285,000
401K CATCH-UP: $6,500 for a total of $26,000
BUSINESS MILEAGE: TBA cents
MOVING/MEDICAL: TBA cents
CHARITABLE: TBA cents
HEALTH SAVINGS ACCOUNT: $3,550 FOR INDIVIDUAL AND $7,100 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $2,750
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT LIMIT:$5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS
TRANSIT PASSES: $270 PER MONTH
TRANSIT PARKING: $270 PER MONTH
ADOPTION ASSISTANCE: $14,300
Good News for Payroll Cards in Georgia
Earlier this week, Governor Kemp’s office announced he signed into law Georgia House Bill 373, which amends the wage payment statute to allow employers to achieve 100% electronic wage payment.
A bit of background: In 2015, Georgia amended its wage payment statute specifically to permit the payment of wages via payroll card with the consent of the employee, but required employers to provide employees with opt-out forms through which they could switch to payment by check. Since employees could demand payment via a check, employers were never able to realize the efficiencies associated with 100% electronic wage payment.
House Bill 373 changes that. Employers are no longer required to provide opt-out forms, and employees no longer have the ability to demand their wages via check. Reg E still prohibits employers from requiring employees to accept their wages via payroll card, but now employers can let employees choose between payroll cards and direct deposit without providing them with a paper check option.
Georgia’s wage payment statute still requires employers to obtain employee consent to pay via direct deposit, but employers can default workers who don’t provide direct deposit information to a payroll card.
IRS LIMIT ANNOUNCEMENTS:
SOCIAL SECURITY LIMIT: $132,900
401K MAXIMUM: $19,000 - Total Comp = $280,000
401K CATCH-UP: $6,000 for a total of $25,000
BUSINESS MILEAGE: 58 cents
MOVING/MEDICAL: 20 cents
CHARITABLE: 14 cents
HEALTH SAVINGS ACCOUNT: $3,500 FOR INDIVIDUAL AND $7,000 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $2,700
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS
TRANSIT PASSES: $265 PER MONTH
TRANSIT PARKING: $265 PER MONTH
ADOPTION ASSISTANCE: $14,080
