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Federal and State Payroll Updates 2024

A number of states and the District of Columbia have payroll-related changes that will take effect in the new year. These changes include minimum wage changes, updated state unemployment wage bases, and new paid sick leave laws.


A current listing of enacted leave laws can also be found by clicking here.

Alabama

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 
Unemployment Wage Base 2024: $8,000.00

Alaska

Updated December 12, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $10.85 $11.73
Minimum Tipped Wage Prohibited Prohibited
Tip Credit Prohibited Prohibited

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $45,200.00 $47,100.00

Arizona

Updated December 20, 2023

 

Minimum Wage Changes – Effective 1/1/2024

Location 2023 2024
Minimum Wage $13.85 $14.35
Flagstaff $16.80 $17.40
Minimum Tipped Wage $10.85 $11.35
Flagstaff $14.80 $15.90
Tip Credit $3.00 $3.00
Flagstaff $2.00 $1.50

 

Unemployment Wage Base 2024: $8,000.00

Arkansas

Updated December 20, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $11.00 $11.00
Minimum Tipped Wage $2.63 $2.63
Tip Credit $8.37 $8.37

 

Unemployment Wage Base 2023: $7,000.00

Unemployment Wage Base 2024: $7,000.00

California

Updated December 12, 2023

 

Minimum Wage Changes – Effective 1/1/2024

Employer Size 2023 2024
Minimum Wage 25 or Less Employees $15.50 $16.00
26 or More Employees $15.50 $16.00
Minimum Tipped Wage 25 or Less Employees Prohibited Prohibited
26 or More Employees Prohibited Prohibited

 

Unemployment Wage Base 2024: $7,000.00

Colorado

Updated December 12, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $13.65 $14.42
Minimum Tipped Wage $10.63 $11.40
Tip Credit $3.02 $3.02

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base  $20,400.00 $23,800.00

Connecticut

Updated December 20, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $15.00 $15.69
Minimum Tipped Wage Bartenders $8.23 $8.23
Other Tipped Employees $6.38 $6.38
Tip Credit Bartenders $6.77 $7.46
Other Tipped Employees $8.62 $9.31

 

Unemployment Wage Base 2023: $15,000.00

Unemployment Wage Base 2024: $25,000.00

 

District of Columbia

Updated December 27, 2023

 

Hooray! No state changes for 2024. Effective 1/1/2024

1/1/2023 7/1/2023 1/1/2024
Minimum Wage $16.10 $17.00 $17.00

 

Tipped Minimum Wage Changes – Bi-annual increase

1/1/2023 7/1/2023 7/1/2024
Tipped Minimum* $6.00 $8.00 $10.00
Tip Credit $10.10 $9.00* $7.00*

 

Unemployment Wage Base 2024: $9,000.00

 

*In November 2022, DC voters approved Initiative 82: legislation that will phase out the use of tipped minimum wage over the course of five years, raising the minimum wage for tipped employees to equal the standard minimum wage by July 1, 2027. Employers should note that the tip makeup and tip credit will be adjusted accordingly throughout this change. The tip credit is projected to decrease to $7.00 on 7/1/24. Check back for future updates.

 

Delaware

Updated December 12, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $11.75 $13.25
Minimum Tipped Wage $2.23 $2.23
Tip Credit $9.52 $11.02

 

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $10,500.00 $10,500.00

 

Florida

Updated December 27, 2023

 

Minimum Wage Changes – Effective 9/30/2023

9/30/23 – 9/29/24 9/30/2024
Minimum Wage $12.00* $13.00*
Minimum Tipped Wage $8.97 TBA**
Tip Credit $3.03 TBA**

 
*Amendment 2 will incrementally increase Florida’s state minimum wage starting in September of 2021, through September of 2026. The state minimum wage will increase at a rate of $1 each year, reaching $15.00 by 2026.

**Minimum tipped and/or tipped credit will be adjusted to equal minimum wage.

Unemployment Wage Base 2024: $7,000.00

Georgia

Updated December 12, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 
Unemployment Wage Base 2024: $9,500.00

Hawaii

Updated December 12, 2023

 

Minimum Wage Changes – Effective 1/1/2024

 2023  2024
Minimum Wage $12.00 $14.00
Minimum Tipped Wage $11.00 $12.75
Tip Credit $1.00* $1.25*
 
* Tip Credit in Hawaii is permissible if the combined amount the employee receives from the employer and in tips is at least $7.00 more than the applicable minimum wage.

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $56,700.00 $59,100.00

 

Idaho

Updated December 12, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $3.35
Tip Credit $3.90

 

Unemployment Wage Base Changes – Effective 1/1/2023

2023 2024
Unemployment Wage Base $49,900.00 TBA

 

Illinois

December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024*

Location 2023 2024
State of Illinois Minimum Wage $13.00 $14.00
Minimum Tipped Wage $7.80 $8.40
Tip Credit $5.20 $5.60
Chicago (4 – 20 employees) Minimum Wage $15.00* TBA**
Minimum Tipped Wage $9.00* TBA**
Tip Credit $6.00* TBA**
Chicago (21+ employees) Minimum Wage $15.80* TBA**
Minimum Tipped Wage $9.48* TBA**
Tip Credit $6.32* TBA**
Cook County Minimum Wage $13.70 $14.00
Minimum Tipped Wage $8.00 $8.40
Tip Credit $5.70 $5.60

 

*Chicago and Cook County minimum wage changes are in effect from 7/1/23 – 6/30/24

**The minimum wage rate will be adjusted for inflation beginning on July 1, 2023, using the Consumer Price Index (CPI), a figure released by the US Bureau of Labor Statistics.

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $13,271.00 $13,590.00

Indiana

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 
Unemployment Wage Base 2024: $9,500.00

 

Iowa

Updated December 20, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $4.35
Tip Credit $2.90

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $36,100.00 $38,200.00

 

Kansas

Updated December 20, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 
Unemployment Wage Base 2024: $14,000.00

 

Kentucky

Updated December 19, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $11,100.00 $11,400.00

 

Louisiana

Updated January 4, 2024

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 
Unemployment Wage Base 2023: $7,700.00

Unemployment Wage Base 2024: $7,700.00

Maine

Updated December 13, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $13.80 $14.15
Minimum Tipped Wage $6.90 $7.08
Tip Credit $6.90 $7.07

 
Unemployment Wage Base 2024: $12,000.00

Maryland

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

Applies to 2023 2024
Minimum Wage (Small Employer – 14 or fewer) $12.80 $15.00
Tip Credit $9.17 $11.37
Minimum Wage (Large Employer – 15 or more) $13.25 $15.00
Tip Credit $9.62 $11.37
Minimum Tipped Wage $3.63 $3.63
Montgomery County (Small Employer – 10 or fewer and certain nonprofit and service providers) $14.50¹ $15.00
Montgomery County (Mid-Sized Employer – 11-50 and certain nonprofit and service providers) $15.00* $15.00
Montgomery County (Large Employer – 51 or more) $16.70* TBA**
Prince George’s County (14 employees or fewer) $12.80 $13.40
Prince George’s County (15 employees or more) $13.25 $14.00

 
¹In effect through December 31, 2023

 

*Montgomery County minimum wage changes are in effect from 7/1 – 6/30

 

**The minimum wage rate will be adjusted for inflation beginning on July 1, 2023, using the Consumer Price Index (CPI), a figure released by the US Bureau of Labor Statistics.

 

Unemployment Wage Base Changes – Effective 1/1/2022

2023 2024
Unemployment Wage Base $8,500.00 TBA

Massachusetts

Updated December 27, 2023

 

Hooray! No minimum wage changes. Effective 1/1/2024

2023 2024
Minimum Wage $15.00 $15.00
Minimum Tipped Wage  $6.75 $6.75
Tip Credit  $8.25 $8.25

 
Unemployment Wage Base 2024: $15,000.00

Michigan

Updated December 13, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $10.10 $10.33
Minimum Tipped Wage $3.84 $3.93
Tip Credit $6.26 $6.40

 

Unemployment Wage Base 2024: $9,500.00

Minnesota

Updated December 27, 2023

 

Minimum Wage Changes – Effective 7/1/2023

Employer Size 2023 2024
State of Minnesota Less than $500,000 in Gross Sales $8.63 $8.85
$500,000 or more in Gross Sales $10.59 $10.85
City of Minneapolis (Small Employer – 100 or fewer) $14.50* Wage rises to $15.57 on 7/1/24
(Large Employer – 101 or more) $15.19 $15.57
City of St. Paul (Small Employer – 5 or fewer) $11.50* Wage rises to $12.25 on 7/1/24
(Small Employer – 6 to 100 employees) $13.00* Wage rises to $14.00 on 7/1/24
(Large Employer – 101 or more) $15.00* Wage rises to $15.57 on 7/1/24
(Employers with more than 10,000 workers) $15.19 $15.57

 
*Effective 7/1/2023 – 6/30/2024
 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $40,000.00 $42,000.00

 

Mississippi

Updated December 27, 2023

 

Hooray! No state changes for 2023. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 
Unemployment Wage Base 2024: $14,000.00

Missouri

Updated December 22, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $12.00 $12.30
Minimum Tipped Wage $6.00 $6.00
Tip Credit $6.00 $6.30

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $10,500.00 $10,000.00

Montana

Updated December 22, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage  $9.95 $10.30
Minimum Tipped Wage Prohibited Prohibited
Tip Credit Prohibited Prohibited

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $40,500.00 $43,000.00

 

Nebraska

Updated December 22, 2023

 

Hooray! No state changes for 2023. Here are the current numbers in case you were wondering:

2023 2024
Minimum Wage $10.50 $12.00
Minimum Tipped Wage $8.37 $9.87
Tip Credit $2.13 $2.13

 
Unemployment Wage Base 2024: $9,000.00*

 

*LB428 (2019) added language to the Nebraska Employment Security Law in sections 48-648 and 48-649 to 48-649.04 that increases the taxable wage base from $9,000 to $24,000 for Unemployment Insurance (UI) Tax Category 20 employers.

Nevada

Updated December 22, 2023

 

Minimum Wage Changes- Effective 7/1/2023*

7/1/2023 – 6/30/2024 Starting 7/1/2024
Minimum Wage $11.25 if no qualifying health benefits offered, $10.25 with qualifying health benefits $12.00 if no qualifying health benefits offered, $11.00 with qualifying health benefits
Minimum Tipped Wage Prohibited Prohibited
Tip Credit Prohibited Prohibited

 

*Wages are scheduled to rise annually each July Learn more

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $40,100.00 $40,600.00

New Hampshire

Updated December 21, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $3.27
Tip Credit $3.98

 
Unemployment Wage Base 2024: $14,000.00

New Jersey

Updated December 22, 2023

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $14.13 $15.00
Minimum Tipped Wage $5.26 $5.26
Tip Credit $8.87 $9.74

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $41,100.00 $42,300.00

New Mexico

Updated December 28, 2023

 

Minimum Wage changes – Effective 1/1/2024

Location 2023 2024
Minimum Wage State of New Mexico $12.00 $12.00
Albuquerque (without health benefits or childcare) $12.00 $12.00
Albuquerque (with health benefits or childcare) $12.00 $12.00
Bernalillo County $12.00 $12.00
Las Cruces $12.00 $12.36
Santa Fe City $14.03 $14.03*
Santa Fe County $14.03 $14.03*
Minimum Tipped Wage State of New Mexico $3.00 $3.00
Albuquerque $7.20 $7.20
Las Cruces $4.78 $4.95
Santa Fe County $3.88 $4.21*
Tip Credit State of New Mexico $8.70 $9.00

 

*Santa Fe City and County rates are subject to a Consumer Price Index-based inflationary adjustment on March 1 of each year.

 

Unemployment Wage Base Changes – Effective 1/4/2023

2023 2024
Unemployment Wage Base $30,100.00 $31,700.00

 

New York

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

Location 2023 2024
State of New York $14.20 $15.00
NYC Large Employer – 11 or More Employees $15.00 $16.00
NYC Small Employer – 10 or Less Employees $15.00 $16.00
Long Island & Westchester $15.00 $16.00
Fast Food Employees $15.00 $15.00
NYC Fast Food Employees $15.00 $15.00

Click Here for the Minimum Wage information for Tipped Employees, Hospitality Workers, and Farm Workers

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $12,300.00 $12,500.00

North Carolina

Updated December 27, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12
 

Unemployment Wage Base Changes – Effective 1/10/2024

2023 2024
Unemployment Wage Base $29,600.00 $31,400.00

North Dakota

Updated December 14, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $4.86
Tip Credit $2.39

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $40,800.00 $43,800.00

Ohio

Updated December 22, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $10.10 $10.45
Minimum Tipped Wage $5.05 $5.25
Tip Credit $5.05 $5.20

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $9,000.00.00 $9,000.00.00

Oklahoma

Updated December 22, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $25,700.00 $27,000.00

Oregon

Updated December 27, 2023

 

Minimum Wage Changes – Effective 7/1/2023

Location 7/1/2023 7/1/2024*
Minimum Wage $14.20 TBA
Portland Metro $15.45 TBA
Non-urban Counties $13.20 TBA
Minimum Tipped Wage Prohibited Prohibited

 

*The minimum wage rate will be adjusted for inflation beginning on July 1, 2024, using the Consumer Price Index (CPI), a figure released by the US Bureau of Labor Statistics.

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $50,900.00 $52,800.00

 

Pennsylvania

Updated December 22, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.83
Tip Credit $4.42

Unemployment Wage Base 2024: $10,000.00

Rhode Island

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

 2023  2024
Minimum Wage $13.00  $14.00
Minimum Tipped Wage $3.89 $3.89
Tip Credit $9.11 $10.11

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $28,200.00 $29,200.00

South Carolina

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 
Unemployment Wage Base 2024: $14,000.00

South Dakota

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $10.80 $11.20
Minimum Tipped Wage $5.40 $5.60
Tip Credit $5.40 $5.60

 
Unemployment Wage Base 2024: $15,000.00

Tennessee

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit N/A

 

Unemployment Wage Base Changes – Effective 1/1/2023

2023 2024
Unemployment Wage Base $7,000.00 TBA

 

Texas

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $9,000.00 $9,000.00

 

Utah

Updated December 27, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $44,800.00 $47,000.00

Vermont

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

2023 2024
Minimum Wage $13.18 $13.67
Minimum Tipped Wage $6.59 $6.84
Tip Credit $6.59 $6.83

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $13,500.00 $14,300.00

Virginia

Updated December 27, 2023

 

Hooray! No state changes for 2024. Effective 1/1/2024

2023 2024
Minimum Wage $12.00 $12.00
Minimum Tipped Wage $2.13 $2.13
Tip Credit $9.87 $9.87
 

Unemployment Wage Base 2024: $8,000.00

Washington

Updated December 27, 2023

 

Minimum Wage Changes – Effective 1/1/2024

Location 2023 2024
Minimum Wage $15.74 $16.28
Seattle – Large Employers (501 or more employees in US) $18.69 $19.97
Seattle – Small Employers (500 or fewer) without Medical Benefits $17.27 $18.69
Seattle – Small Employers (500 or fewer) with Medical Benefits $16.50 $17.25
Tacoma $15.74 $16.28
Minimum Tipped Wage Prohibited Prohibited Prohibited
Tip Credit Prohibited Prohibited Prohibited

 

Unemployment Wage Base Changes – Effective 1/1/2023

2023 2024
Unemployment Wage Base $67,600.00 $68,500

West Virginia

Updated February, 20, 2024

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $8.75
Minimum Tipped Wage $2.62
Tip Credit $6.13

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $9,000.00 $9,521.00

Wisconsin

Updated December 27, 2023

 

Hooray! No state changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.33
Tip Credit $4.92
 
Unemployment Wage Base 2024: $14,000.00

Wyoming

Updated December 27, 2023

 

Hooray! No minimum wage changes for 2024. Here are the current numbers in case you were wondering:

Minimum Wage $7.25
Minimum Tipped Wage $2.13
Tip Credit $5.12

 

Unemployment Wage Base Changes – Effective 1/1/2024

2023 2024
Unemployment Wage Base $29,100.00 $30,900.00

Federal Changes

 

Social Security Wage Base Changes – Effective 1/1/2024

2023 2024
Social Security Wage Base $160,200.00 $168,600.00

 

FSA Limit Changes – Effective 1/1/2024

2023 2024
Health FSA Limit $3,050.00 $3,050.00
Dependent Care Limit $5,000.00 $5,000.00

 

 

HSA Limit Changes – Effective 1/1/2024

2023 2024
Individual HSA Limit $3,850.00 $4,150.00
Family HSA Limit $7,750.00 $8,300.00
HSA Catch-up Contribution (age 55+) $1,000.00 $1,000.00
Individual HDHP Out-Of-Pocket Max $7,050.00 $8,050.00
Family HDHP Out-Of-Pocket Max $15,000.00 $16,100.00

 

Mileage Reimbursement Changes – Effective 1/1/2024

2023 2024
Business Miles Driven $0.655 $0.67
Moving Mileage Reimbursement No longer allowed No longer allowed

 

Transportation Benefits – Effective 1/1/2024

2023 2024
Parking Allowance – Per Month $300.00 $315.00
Transit Allowance – Per Month $300.00 $315.00

 

Qualified Small Employer HRA (QSEHRA) – Effective 1/1/2024

2023 2024
Single – Monthly $487.50 $512.50
Family – Monthly $983.00 $1037.50
Single – Annual $5,450.00 $6,150.00
Family – Annual $11,800.00 $12,450.00

 

401(k), 403(b), 457 Plan Limit Changes – Effective 1/1/2024

2023 2024
Maximum employee elective deferral $22,500.00 $23,000.00
Employee catch-up contribution (if age 50 or older by year-end) $7,500.00 $7,500.00
Employee compensation limit for calculating contributions $330,000.00 $345,000.00
*The $7,500 catch-up contribution limit for participants age 50 or older applies from the start of the year to those turning 50 at any time during the year.

 

IRA Contribution Limits – Effective 1/1/2024

2023 2024
Traditional IRA $6,500.00 $7,000.00
Roth IRA $6,500.00 $7,000.00
Employee catch-up contribution (if age 50 or older by year-end) $1,000.00 $1,000.00
*The $1,000 catch-up contribution limit for participants age 50 or older applies from the start of the year to those turning 50 at any time during the year.

 

Check out our guide to the payroll process for more information, or try out our employer payroll calculator to see how these taxes are applied in practice.