2024 Tax, FSA, and Retirement Updates

Beth Dean 12.19.23
2024 Tax FSA and Retirement Updates

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 $167,700 $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

2024 Tax FSA and Retirement Updates

Keep it handy! Download a printable flyer of 2024 Tax FSA and Retirement Updates.


2024 BANK HOLIDAYS

2024 Bank Holidays Flyer

Need a printable copy of the 2024 bank holidays list? Here it is! Download, print, and refer to it at your convenience.


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