Below are federal payroll tax rates and benefits contribution limits for 2024. Social Security tax In 2024, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2023. The Social Security wage base is $168,600 for employers and employees, increasing from $160,200 in 2023. Self-employed people must pay 12.4% on the first $168,600. Medicare tax In
IRS Adjusts HSA Amounts
In Rev. Proc. 2024-25, the IRS made changes for health savings accounts for 2025. The maximum annual HSA contribution is: $4,300 for an eligible individual with self-only coverage. $8,550 for family coverage. HSAs are used in conjunction with a High Deductible Health Plan. The 2025 maximum annual out-of-pocket amount for HDHP self-only coverage is $8,300.
COVID-19 MN Update (Mpls & Duluth)
Minneapolis, Minnesota, Provides Guidance on Paid Sick Leave and COVID-19 The City of Minneapolis issued a frequently asked questions guide (FAQs) regarding the application of Minneapolis’ Sick and Safe Time Ordinance to absences related to COVID-19. The FAQs clarify that an employee may use accrued sick and safe leave for absences related to: Testing; Care
USCIS Releases New Form I-9 & Instructions
USCIS released a new version of Form I-9, Employment Eligibility Verification on January 31, 2020. Employers should begin using the new version of Form I-9 at this time. Use of the new Form I-9 becomes mandatory starting May 1, 2020. Need to Know: Grace period for using the prior version of Form I-9 through April
Job-Protected Leave Under the Emergency Family and Medical Leave Expansion Act (EFMLA)
This law temporarily expands the Family and Medical Leave Act of 1993 (FMLA) to eligible employees for “a qualifying need related to a public health emergency.” This temporary expansion of FMLA is effective April 2, 2020, and expires December 31, 2020. Previously, employees were authorized to take up to 12 weeks of job-protected leave under
