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,...
Taxes
IRS Changes Mileage Rates for New Year
According to an IRS statement, starting in 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 cents from 2023. 21 cents per mile driven for medical or moving purposes...
Get Ready To File in 2024
The beginning of the new year is the time for taxpayers to start gathering their documents for filing their 2023 returns. And the IRS has announced some important enhancements taxpayers should be aware of to ease the yearly burden. It's hoped taxpayers will find that...