---
title: What's New for 2024
description: The 2024 edition of What’s New includes things like minimum wage increases, federal tax, and retirement limits.
---

[Cast & Crew Blog ](https://blog.castandcrew.com)

# [What's New for 2024](https://blog.castandcrew.com/whats-new-2024)

 Written by [Cast&Crew](https://blog.castandcrew.com/author/castcrew) | 01/02/2024

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](mailto:compliance@castandcrew.com). 

What's new across the United States

**New minimum wage increases** 

**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](https://www.ssa.gov/news/press/releases/2023/#10-2023-2) on October 12. The SSA also posted a [fact sheet](https://www.ssa.gov/news/press/factsheets/colafacts2024.pdf) 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.  

**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

CPP / EI Limits  and more

Provincial minimum wages  

WCB maximum assessable earnings 

 

[View full post](https://blog.castandcrew.com/whats-new-2024)

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