2024 Tax Rates – All states have now issued their 2024 SUI Tax Rates. Below is a list of the major states that recently issued their Rates.
Colorado – Revised the 2024 tax rates due to a rounding issue in their new system. Certain employers tax rates will now include four decimal places.
Hawaii – Issued 2024 Tax Rates on March 15, using Tax Rate Schedule D. The minimum rate is 0.20%, down from 1.20% in 2023 and with a maximum rate of 5.80%, a decrease from 6.20% in 2023.
Idaho – Due to recently passed legislation lowering the Tax Rate Schedule, the state of Idaho will be reissuing the 2024 Tax Rates later this month. The new minimum rate is 0.281%(down from 0.352%) with a maximum rate remaining 5.40%. Reductions in rates will range from 0.071%(min) to 0.659%.
New York - Issued 2024 Tax Rates in “batches” starting on February 9th, with the last rates being issued the week of March 15. The minimum rate is 2.10% for 2024 and the maximum rate is 9.90%, both the same as 2023.
2024 Taxable Wage Base Update
All states have confirmed the 2024 Taxable Wage Base for employers.
Upcoming Deadlines
Voluntary Contributions:
Arkansas - March 31 / Minnesota – April 30 / New York – March 31
North Dakota – April 30 / Washington – March 31
Joint Accounts:
Missouri - March 31 / New York – March 31
Rate Protests:
North Carolina – May 1 / New York – March 31 / Pennsylvania – March 30
FUTA UPDATE – 2024
If California and New York have outstanding FUTA Title XII Loans for 2024 and fail to pay back the loans by November of 2024, employers will have to pay an additional 0.90% on employees reported in these states retroactively to January 1, 2024.
1. Employers will have until January 31, 2025 to pay the additional 0.90% on employees in these two states.
2. The Additional 0.90% would result in an estimated increase of $63 per employee for 2024 (0.90% * $7,000 FUTA Wage Base).
Total FUTA Rate will be 1.50% in these states for 2024. Virgin Islands will be 4.80%