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January 2024 Update

2024 Tax Rates – Below is a list of the major states that recently issued their 2024 Tax Rates bringing the total number to 46 states.

 

Connecticut – Issued 2024 Tax Rates on December 28. The minimum rate is 1.10%, down from 1.70% in 2023 and with a maximum rate of 7.80%, an increase from 6.60% in 2023.

 

Florida – Issued 2024 Tax Rates on December 22. The minimum rate is 0.10% with a maximum rate of 5.40%, the same as 2023.

 

Georgia - Issued 2024 Tax Rates on January 2. The minimum rate is 0.04% down from 0.06% in 2023 and with a maximum rate of 8.10%, the same as 2023.


Kentucky – Issued 2024 Tax Rates on January 2. The minimum rate is 0.30% with a maximum rate of 9.00%, the same as 2023.  However, the state changed the rate calculation back to a Three-Year Total component, which increased rates for almost all employers between 1.00% to 2.00%.


Massachusetts - Issued 2024 Tax Rates on January 2. The minimum rate is 1.079%, down from 1.324% in 2023 and with a maximum rate of 15.655%, a decrease from 19.572% in 2023.


Pennsylvania – Issued 2024 Tax Rates on December 31.  The minimum rate is 1.4190% with a maximum rate of 10.3734%, the same as 2023.

 

2024 Taxable Wage Base Update

All states except Tennessee have confirmed the 2024 Taxable Wage Base for employers.


Upcoming Deadlines


Voluntary Contributions:

Louisiana – January 30 / Maine – January 30 / Michigan - January 27 / Pennsylvania – January 30 / Rhode Island – January 28

 

Joint Accounts: 

Arizona – February 28 / West Virginia – February 22


Rate Protests:

Delaware – January 20 / Louisiana – January 28 / Michigan – January 29

Wyoming – January 28



FUTA UPDATE – 2023*

California and New York had outstanding FUTA Title XII Loans for 2023 and have failed to pay back the loans by November of 2023. Employers will have to pay an additional 0.60% on employees reported in these states retroactively to January 1, 2023.

 

1.    Employers would have until January 31, 2024 to pay the additional 0.60% on employees in these four states. 

2.    The Additional 0.60% would result in an estimated increase of $42 per employee for 2023 (0.60% * $7,000 FUTA Wage Base).

 

Total FUTA Rate will be 1.20% in these states for 2023. Virgin Islands is 4.50%  

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