This article includes the 2024 limits and rates for common taxes, retirement, and benefit plans along with the Federal Reserve bank holiday schedule.

Tax Rates

Here are the 2024 tax rates for Federal taxes with limits:

Social Security

Employee Rate 6.2%

Employer Rate 6.2%

Limit $168,600

Medicare

Employee Rate 1.45%

Employer Rate 1.45%

Limit No limit

Additional Medicare

Employee Rate .9%

Employer Rate 0.00%

Limit Begins once employee reaches over $200,000 in taxable Medicare wages

FUTA

Employee Rate 0.00%

Employer Rate .6%

Limit $7,000

Retirement Plan Limits

Here are the 2024 Retirement Plan limits for most retirement plans:

401(k), 403(b), and SARSEP

Maximum Deferral $23,000

Catch-up Limit (over 50 years old) $7,500

Eligible Wage Limit $345,000

457

Maximum Deferral $23,000

Catch-up Limit (over 50 years old) $7,500

Eligible Wage Limit $345,000

SIMPLE

Maximum Deferral $16,000

Catch-up Limit (over 50 years old) $3,500

Eligible Wage Limit $345,000

Defined Benefit Plan (SEP-IRA)

Maximum Deferral $69,000

Catch-up Limit (over 50 years old) $0.00

Eligible Wage Limit $275,000

Other considerations for Retirement plans are compensation limits:

Highly Compensated

$155,000

Officer Compensation

$220,000

Key Employee – 1% Owner

$150,000

SEP Coverage

$750

Benefit Plan Limits

Here are the 2024 limits for benefit plans:

Health Saving Account (HSA) – Self

Limit (Employee & Employer combined) $4,150

Catch-up Limit (over 55 years old) $1,000

Health Saving Account (HSA) – Family

Limit (Employee & Employer combined) $8,300

Catch-up Limit (over 55 years old) $1,000

Flexible Spending Account (FSA) – Health

Limit (Employee & Employer combined) $3,200

Catch-up Limit (over 55 years old) $0.00

Flexible Spending Account (FSA) – Dependent Care

Limit (Employee & Employer combined) $5,000

Catch-up Limit (over 55 years old) $0.00

Qualified Transportation Benefit (QTB) – Parking

Limit (Employee & Employer combined) $315 Monthly

Catch-up Limit (over 55 years old) $0.00

Qualified Transportation Benefit (QTB) – Transit

Limit (Employee & Employer combined) $315 Monthly

Catch-up Limit (over 55 years old) $0.00

Here is additional information about the Affordable Care Act:

Federal Poverty Level

$14,580*

Affordability Percentage

8.39%

PFL Maximum Monthly Contribution

$101.94

Bank Holidays

Here is the 2024 Federal Reserve Bank holiday schedule. The following rule applies to all holidays:

New Year Day: 1/1/2024

Martin Luther King Birthday: 1/15/2024

Presidents Day: 2/19/2024

Memorial Day: 5/27/2024

Juneteenth: 6/19/2024

4th of July/Independence Day: 7/4/2024

Labor Day: 9/2/2024

Columbus Day: 10/14/2024

Veterans Day: 11/11/2024

Thanksgiving Day: 11/28/2024

Christmas Day: 12/25/2024

Note: If holiday falls on Saturday, Federal Reserve will be open on Friday. If holiday falls on Sunday, Federal Reserve will be closed on Monday.