2024 Tax Rates – Below is a list of the major states recently issued their 2024 Tax Rates bringing the total number to 22 states.
California – Issued 2024 Tax Rates on October 31. Rate schedule remains unchanged, with a minimum rate of 1.50% and a maximum rate of 6.20%.
Colorado – Issued 2024 Tax Rates on December 8. The minimum tax rate is now 0.81% with a maximum rate of12.34%, increases from 2023.
Illinois – Issued 2024 Tax Rates on November 30. The minimum rate is 0.85% with a maximum rate of 8.65%, the same as 2023.
Indiana – Rates are currently available online with a mail date of January 3, 2024. Rate schedule remains unchanged, with a minimum rate of 0.50% and a maximum rate of 7.40%.
Missouri - Issued 2024 Tax Rates on November 29. The minimum rate is 0.00% with a maximum rate of 5.40%, a slight decrease from 2023.
Ohio – Issued 2024 Tax Rates on November 14. The minimum rate is 0.90% with a maximum rate of 10.60%, slight increases from 2023.
Texas – Issued 2024 Tax Rates on December 11. The minimum rate is 0.25% with a maximum rate of 6.25%, slight increases from 2023.
2024 Taxable Wage Base Update
40 states have confirmed the 2024 Taxable Wage Base for employers.
FUTA UPDATE – 2023*
California and New York currently have 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%
* Connecticut and Illinois were able to pay back their loans during the 2023 year, however Connecticut has since begun to borrow and now has until November 2025 to pay off the loan to avoid any future increases.