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2024 Tax Mid Year Review
June 28, 2024
The past six months brought many legislative changes, ranging from employment taxes to changes, including employment, withholding, and local taxes.
Below is an overview of what to expect and prepare for beginning July 1, 2024, through December 31, 2024, including a few retroactive changes.
New Tax Requirements for Employers
Indiana New Hire Report Requirement
- Effective July 1, 2024, the Indiana New Hire Reporting Center will require employers to file their reports of newly hired or rehired employees electronically.
- Employers will also be required to provide additional data elements on their reports.
Vermont Childcare Contribution
- Effective July 1, 2024, Vermont’s Child Care Financial Assistance Program (CCFAP) will begin collecting a new employer payroll tax (0.44% of each employee’s covered wages).
- However, employers may deduct up to 25% of the required contributions from each employee’s wages.
Learn More: Federal and State Tax Facts
State Minimum Wage Updates
| State | Effective Date | Minimum Wage | Minimum Cash Wage | Tipped Credit |
| District of Columbia | 7/1/2024 | $17.50 | $10.00 | $7.50 |
| Florida | 9/30/2024 | $13.00 | $9.98 | $3.02 |
| Nevada | 7/1/2024 | $12.00 | N/A | N/A |
| Oregon | 7/1/2024 | $14.70 | N/A | N/A |
| Puerto Rico | 7/1/2024 | $10.50 | $2.13 | $8.37 |
| State | Local Jurisdiction | Effective Date | Minimum Wage | Tipped Minimum Cash | Tipped Credit |
| California | Almeda City | 7/1/2024 | $17.00 | N/A | N/A |
| Berkeley | $18.67 | ||||
| Emeryville | $19.36 | ||||
| Fremont | $17.30 | ||||
| Los Angeles (city) | $17.28 | ||||
| Los Angeles County | $17.27 | ||||
| Malibu | $17.27 | ||||
| Milpitas | $17.70 | ||||
| Pasadena | $17.50 | ||||
| San Francisco | $18.67 | ||||
| Santa Monica | $17.27 | ||||
Illinois
| Chicago City | 7/1/2024 | $16.20 | $11.02 | $5.18 |
| Cook County | $14.05 | $8.40 | $5.65 | ||
| Maryland | Montgomery County | 7/1/2024 |
| $4.00 |
|
| Minnesota | Minneapolis | 7/1/2024 |
| N/A | N/A |
| St. Paul |
| ||||
| Oregon | Nonurban Counties | 7/1/2024 | $13.70 | N/A | N/A |
| Portland Metro | $15.95 |
Retroactive State Withholding Tax Changes
- Georgia eliminated personal exemptions effective January 1, 2024, and revised income tax tables that are both effective July 1, 2024 and retroactive to taxable years beginning on or after January 1, 2024.
- Ohio released new withholding tax tables to reflect lower income tax rates that are effective July 1, 2024.
- Virginia released updated withholding income tax tables effective April 1, 2024.
Thank you for choosing Paylocity as your Payroll Tax and HCM partner. This information is provided as a courtesy, may change, and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney, or Advisor.
Keep Up With Compliance
Between constantly changing employment laws and updates to the Affordable Care Act (ACA), keeping your workplace compliant can be a time-consuming and costly challenge. Eliminate the stress and stay up to date with our Compliance Dashboard. View compliance alerts and get a bird’s eye view of what you need to do to avoid fines and penalties.
