Federal Publication 15-A (2024), Employer Supplemental Tax Guide

Publication 15-A is a handbook by the IRS for employers in the United States. It's called the "Employer's Supplemental Tax Guide," and its purpose is to help employers figure out and follow the sometimes confusing tax rules linked to having employees.

This guide talks about a bunch of things, such as how much money needs to be held back for taxes from employees' paychecks (withholding tax), the maximum amount of money that can be taxed (wage base limits), and all the different tax responsibilities connected to how much employees get paid.

What's New: Social Security and Medicare Taxes for 2024

  • Social security tax rate: 6.2% for both employee and employer.
  • Social security wage base limit: $168,600.
  • Medicare tax rate: 1.45% for both employee and employer, unchanged from 2023.
  • No wage base limit for Medicare tax.
  • Taxes apply to household workers earning $2,700 or more and election workers paid $2,300 or more in cash or equivalent compensation.

Tax Changes and Exclusions

  • Suspension of moving expense reimbursement exclusion (except for U.S. Armed Forces).
  • No federal income tax withholding on disability payments for terrorist attack-related injuries.

For more information on Publication 15-A (2024), check out the attached PDF below.