Below are the just-released IRS cost-of-living adjustments for various retirement plan limitations effective January 1, 2024. For a year by year comparison, please visit the IRS update here.
Payroll & Taxes
| Social Security FICA | 6.2% Wage limit $168,600 |
| Medicare FICA | 1.45% |
| PA Unemployment (Employee) | 0.07% Applies to all PA employees. No cap on gross wages. |
| PA Unemployment (Employer) | Rate varies based on experience. Wage limit $10,000 |
| FUTA (Federal Unemployment) | 0.6% Wage limit $7,000 |
| PA State Income Tax Rate | 3.07% |
| Minimum Wage | Federal – $7.25 PA – $7.25 DE – $13.25 NJ – $15.13 |
Retirement
401K/403B/457
| Deferral Limit | $23,000 |
| Catch Up Limit (if over 50) | $7,500 ($30,500 total contribution) |
| Wage Limit | $345,000 (no company match after) |
Simple IRA
| Deferral Limit | $16,000 |
| Catch Up Limit (if over 50) | $3,500 ($19,500 total contribution) |
| Wage Limit | $345,000 (no company match after) |
Health Benefits
| HSA Single | $4,150 |
| HSA Family | $8,300 |
| HSA Catch Up (over 55) | $1,000 |
| FSA Medical | $3,200 |
| FSA Dependent Care | $5,000 |