Get ready to chart your company’s financial course for 2024! To assist in gearing up your company’s budget, here’s a breakdown of some key upcoming financial changes.
2024 Tax, FSA, and Retirement Updates
2024 | 2023 | |
| TAXES | ||
| Social Security Wage Base | $168,600 | $160,200 |
| FICA – Social Security (OASDI) | 6.2%, up to wage base | 6.2%, up to wage base |
| FICA – Medicare | 1.45% up to $200,000, then 2.35% | 1.45% up to $200,000, then 2.35% |
| SUTA Wage Base – varies by state | see nextep.com | see americanpayroll.org |
| FUTA Wage Base | see nextep.com | see americanpayroll.org |
| FUTA Rate | 0.60% | 0.60% |
| FSA/HSA | ||
| FSA for health care expenses | $3,200 | $3,050 |
| FSA maximum rollover | $640 | $610 |
| HSA – individual | family | $4,150 | $8,300 | $3,850 | $7,750 |
| HSA – catch-up, ages 55+ | $1,000 | $1,000 |
| LPFSA for dental and vision | $3,200 | $3,050 |
| DCA for dependent care | $5,000 | $5,000 |
| Parking FSA | $315 | $300 |
| Transit FSA | $315 | $300 |
| Retirement | ||
| Maximum 401(k) Contribution | $23,000 | $22,500 |
| Catch-up 401(k) Limit, Ages 50+ | $7,500* | $7,500 |
| IRA Limit | $7,000 | $6,500 |
| Simple IRA Limit | $16,000 | $15,500 |
| Pay | ||
| Federal Minimum Wage | $7.25** | $7.25 |
| Mileage Rate – Business Use | $0.67 per mile | $0.655 per mile |
* Under SECURE Act 2.0, if a taxpayer’s wages exceed $145,000 for the year, the catch-up contribution must be processed as a Roth contribution. It will not be eligible for pre-tax treatment.
** Federal, county, state, or local minimum wage may differ. The higher wage prevails.
As a reminder, Nextep does not give tax or legal advice. Please contact your tax advisor or legal counsel.
PRINTABLE CHEAT SHEET
Keep it handy! Download a printable flyer of 2024 Tax FSA and Retirement Updates.
2024 BANK HOLIDAYS
Need a printable copy of the 2024 bank holidays list? Here it is! Download, print, and refer to it at your convenience.
