--- title: 2024 Wage and Deferral Limits description: Updated 2024 Wage and Deferral Limits have been released, including FICA, Unemployment Tax, Retirement Deferrals and Minimum Wage. image: https://blog.ahola.com/hubfs/Imported_Blog_Media/calendar-iamge.jpg --- Start typing and press Enter to search * * # 2024 Wage and Deferral Limits [Home](https://www.ahola.com/) » [News & Events](https://blog.ahola.com/2024-wage-and-deferral-limits) » 2024 Wage and Deferral Limits [2023-11-20%2015:18:21](2023-11-20%2015:18:21) ![](https://blog.ahola.com/hubfs/Imported_Blog_Media/calendar-iamge.jpg) ## 2024 Wage and Deferral Limits By [ aholaadmin ](https://blog.ahola.com/author/aholaadmin)  Posted [ November 20, 2023](2023-11-20%2015:18:21)  In  [Payroll](https://blog.ahola.com/tag/payroll), [Tax Compliance](https://blog.ahola.com/tag/tax-compliance) - - - - - Updated 2024 Wage and Deferral Limits have been released, including FICA, Unemployment Tax, Retirement Deferrals and Minimum Wage. Find the updated limits below. ### FICA Social Security: $168,600 Wage Limit, Employee withholding rate is 6.20% Medicare: No wage limits. Employee withholding rates: 1.45% (wages up to $200,000) and 2.35% (wages over $200,000). Employer tax rate on all wages: 1.45% ### UNEMPLOYMENT TAXES FUTA: Taxed on the first $7,000 of wages per employee. SUTA: The American Payroll Association has provided a chart of State Unemployment Insurance Taxable Wage Bases for 2024, 2023, 2022, and 2021. [https://pages.americanpayroll.org/taxable-wage-base](https://pages.americanpayroll.org/taxable-wage-base)  ### DEFERRALS 401(k), 403(b), and 457 plans: Deferral limit $23,000 + $7,500 catch-up SIMPLE 401(k) and IRA plans: Deferral limit $16,000 + $3,500 catch-up HSA Contribution Limits: - Self-Only $4,150 + $1,000 catch-up^ - Family $8,300 + $1,000 catch-up^ (Employee + Employer) ### 2024 MINIMUM WAGE The 2024 Federal Minimum Wage is $7.25 per hour [Ohio to Increase Minimum Wage in 2024](https://blog.ahola.com/ohio-to-increase-minimum-wage-in-2024), increases that go into effect on January 1, 2024 - In Ohio, employers with annual gross receipts of $385,000 or less per year after January 1, 2024 ($371,000 in 2023) must pay no less than the Federal Minimum Wage to their non-tipped employees - Also in Ohio, employees under the age of 16 must be paid no less than the Federal Minimum Wage rate For State Minimum Wage changes, as well as rules governing minimum wage, visit the Department of Labor website: [https://www.dol.gov/agencies/whd/minimum-wage/state](https://www.dol.gov/agencies/whd/minimum-wage/state)   Have additional questions about managing deferral limits and minimum wage? 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It does not constitute legal advice, and cannot constitute legal advice, because the authors are not licensed attorneys. Readers should not rely or act upon any information presented on this blog without seeking professional legal counsel. The views expressed in each post are those of the author, and the author alone; they are not the views of Ahola. The information provided in this blog is general, and based on information available as of the date of publishing. Information herein is provided on an “as is” or “as available” basis; we make no warranty of any kind to you regarding the information provided and disclaim any liability for damages from use of the blog or its content. Please consult an attorney to obtain advice with respect to any particular question or issue. 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