Attached is the Payroll Rates & Limits for 2024. The highlights are:
* The California minimum wage increases to $16.00
* IRS standard mileage rate increases to 67.0 cents per mile.
* The 403(b) and 457 contributions limits increases to $23,000, and for employees age 50 and over to $30,500.
* Medical Flex Spending Arrangement (FSA) Reimbursement increases to $3,200.
* Social Security wage cap increases to $168,600 with the contribution limit to $10,453.20.
Escape has been updated.
Regards,
School Business Advisory Services Team Santa Barbara County Education Office
Note: This message was sent on behalf of the School Business Advisory Services Team. Please do not respond to this message. Replies will be routed to an unmonitored mailbox.
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* The California minimum wage increases to $16.00
* IRS standard mileage rate increases to 67.0 cents per mile.
* The 403(b) and 457 contributions limits increases to $23,000, and for employees age 50 and over to $30,500.
* Medical Flex Spending Arrangement (FSA) Reimbursement increases to $3,200.
* Social Security wage cap increases to $168,600 with the contribution limit to $10,453.20.
Escape has been updated.
Regards,
School Business Advisory Services Team Santa Barbara County Education Office
Note: This message was sent on behalf of the School Business Advisory Services Team. Please do not respond to this message. Replies will be routed to an unmonitored mailbox.
To unsubscribe, click here<mailto:sbasfinance@sbceo.org?subject=Unsubscribe>
Rates-Limits-2024.pdf