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BLOG | LABOR & COMPLIANCE

What's New for 2024

Cast & Crew
| 01/02/2024
← Back to blog

Every year, Cast & Crew highlights some of the key changes facing our industry in What’s New. While this spotlight does not provide legal advice, it does seek to alert our clients to the myriad of issues and challenges arising in our industry. 

The updated 2024 edition of What’s New includes things like minimum wage increases, federal tax and retirement limits, and state loan-out withholding rates. If you have any questions or would like to learn more, connect with us at compliance@castandcrew.com. 

What's new across the United States

New minimum wage increases 

Screenshot 2023-12-29 at 11.48.20 AM

Screenshot 2023-12-29 at 11.48.47 AM

Screenshot 2023-12-29 at 11.49.04 AM

Screenshot 2023-12-29 at 11.49.14 AM

Screenshot 2024-01-04 at 9.00.55 AM

Screenshot 2023-12-29 at 11.49.38 AM

IRS issues standard mileage rates for 2024
Notice 2023-239, December 14, 2023 - Today, the Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.   

 Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups, and panel trucks) will be:   

  • 67 cents per mile for business purposes  
  • 21 cents per mile for medical or moving purposes  
  • 14 cents per mile for charitable purposes  

The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on variable costs.  

Social Security Tax limits for 2024

Starting January 1, 2024, the maximum earnings subject to the Social Security payroll tax will increase by $8,400—up to $168,600—from 2023’s $160,200 max. The Social Security Administration (SSA) made the announcement on October 12. The SSA also posted a fact sheet summarizing the 2024 changes.  

The taxable wage cap is subject to an automatic cost-of-living adjustment (COLA) each year based on increases in the national average wage index, calculated annually by the SSA.  

Screenshot 2023-12-29 at 11.49.46 AM

401(k) limits for 2024

The IRS has just revealed that the contribution limit for 401(k) plans in 2024 will experience a $500 uptick, rising to $23,000 from the previous year's $22,500. 

  • The 401(k) contribution limit is $23,000  
  • The 401(k) catch-up contribution limit remains at $7,500 for those aged 50 and older 

Loan-Out withholding tax rate updates for 2024

Colorado Loan-Out Withholding Rate
Colorado loan-out rate will be 4.40% in 2024.

Georgia Loan-Out Withholding Rate 
Georgia loan-out rate will decrease to 5.49% for 2024.

Kentucky Loan-Out Withholding Rate
Kentucky loan-out rate will decrease to 4.00% in 2024.

Montana Loan-Out Withholding Rate
Montana loan-out rate will decrease to 5.90% in 2024.

Hawaii Loan-Out Withholding Rate 
Maui County, HI loan-out rate will increase to 4.50% in 2024.

What's new across Canada

Claims codes
Screenshot 2023-12-29 at 11.50.00 AM

CPP / EI Limits  and more
Screenshot 2024-01-02 at 3.54.48 PM

Provincial minimum wages   Screenshot 2023-12-29 at 11.50.21 AM

WCB maximum assessable earnings 
Screenshot 2023-12-29 at 11.50.30 AM

 

Tags: Labor & Compliance,   Industry News

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