What Is New for 2024?

The IRS has changed the limits on a number of different wage bases and contribution limits, which is important to keep in mind going into 2024. Increases have been made to the amount employees and employers can contribute to a health savings account, the amount that employees can contribute to their 401K or their simple IRA accounts, and the limit for which employees over 50 can contribute to their retirement accounts. Employees should look at their total wages, their taxes, what they have set for their tax withholding, and then for their retirement contributions or their HSA contributions and make sure they are being maximized with those increases. Employers should communicate any changes in employees' take-home pay, benefits,  or retirement planning.