Understanding the Impact of 2024 IRS Limit Changes on HRIS
The IRS regularly updates its contribution limits and tax thresholds, which are vital for HR professionals to incorporate into their HRIS for accurate payroll and benefits administration. Here's an overview of the changes for 2024:
401(k) and 403(b) Contribution Limits:
2024 Limit: $23,000
$7,500 catch-up for EEs over 50.
Total ER + EE contribution limit: $69,000
Health Savings Account (HSA) Contribution Limits:
2024 Limits: $4,150: individuals and $8,300: families
$1,000 catch-up for EEs over 55
Flexible Spending Arrangement (FSA) Contribution Limits
2024 Limit: $3200
Social Security Wage Base:
2024 Base: $168,600
The 2024 IRS limit changes underscore the importance of a flexible and responsive HRIS. By staying informed and taking proactive steps to update your systems, you can ensure seamless compliance and efficient payroll management. Vintage Hill Consulting is here to assist you in navigating these changes, ensuring your HRIS remains a dependable and compliant resource for your organization.