Tax Changes
2024
- The social security wage base limit has increased to $168,600. Based on this new amount, the maximum social security tax payable by each employee is $10,453.20 or 6.2% of the wage base.
- No Wage limit to Medicare at 1.45%
- 401K/403B/457 contribution limits increase to $23,000. Age 50 or older catchup contributions remain the same at $7,500.
- Personal exemption allowances have been eliminated.