As 2023 draws to a close, join us for our year-end edition of Pay Matters, with an analysis of changes we will see for year-end 2023 and what’s in store for 2024.
Note: As we go to publication, Form W-4 for 2024 has still not been released by the IRS. Employers should continue to accept the 2023 form from their onboarding and current employees.
Similarly, the final federal withholding tables (Publication 15-T) for 2024 have still not been released by the IRS.
We are excited to announce that our 2023 Year-End Portal is now live! Since it’s hosted on the Viventium Support Center, simply log into Viventium Software, select “Help” in the upper right-hand corner of the screen, and click on the Year-End Portal icon.
Please review the information in this portal carefully, as it will assist you in navigating your year-end process as well as in processing accurate and compliant payrolls in 2024. If you have any questions or require further clarification, please contact your Dedicated Client Service Team.
The IRS finalized regulations drastically expanding mandatory electronic filing requirements to virtually all employers starting with this year-end (2023).
Under the regulations, the threshold for which employers must file certain information returns electronically was lowered from 250 forms to just 10 forms. In addition, to determine if the threshold is met, employers must count all Forms W-2, 1099, 1095-C, and other information returns. If this total is at least 10 returns, they all must be filed electronically. This new rule applies to applicable 2023 returns that are to be filed in 2024.
For more information on these requirements, check out our on-demand webinar IRS E-Filing for 2023: How the Reduced Threshold Changes Your Year-End.
For Viventium clients: To learn how Viventium can help you meets these new e-filing requirements, please reach out to your Dedicated Client Service Team.
The Social Security Administration (SSA) announced that the 2024 Social Security wage base will rise to $168,600, a $8,400 increase from the $160,200 wage base in 2023. The employee and employer Social Security tax rate will remain at 6.2%. The maximum Social Security tax employees and employers will each pay in 2024 is $10,453.20, up from $9,932.40 in 2023.
There is no limit to wages subject to Medicare tax. Both the employee and the employer Medicare tax rate for 2024 will remain at 1.45%. As in previous years, employers are required to withhold an additional 0.9% in Medicare taxes on wages earned by employees in excess of $200,000 in a calendar year. Employers are not required to match this 2.35% employee rate but continue to pay 1.45% in Medicare tax on all subject wages earned by employees.
For a copy of the SSA Fact Sheet, click here.
The 2024 limits on the exclusion for elective deferrals for 401(k), 403(b), and most 457 plans will increase to $23,000, up from $22,500. The catch-up contribution for employees ages 50 and older will remain at $7,500.
The 2024 monthly limit for qualified transportation fringe benefits and for qualified parking will increase to $315, up from $300.
Health Flexible Spending Arrangements (FSA)
The 2024 maximum employee salary reduction contribution under Section 125 to a Health Flexible Spending Arrangement will increase to $3,200, up from $3,050.
Health Saving Accounts (HSA)
HSA limits are making one of the biggest jumps in recent years, as follows:
| Contribution and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans | |||
| 2024 | 2023 | Change | |
| HSA contribution limit
(employer + employee) |
Self only: $4,150
Family: $8,300 |
Self only: $3,850
Family: $7,750 |
Self only: +$300
Family: +$550 |
|
HSA catch-up contributions (age 55 or older) |
$1,000 | $1,000 | No change |
|
HDHP minimum deductibles |
Self only: $1,600 Family: $3,200 |
Self only: $1,500 Family: $3,000 |
Self only: +$100 Family: +$200 |
|
HDHP maximum out-of-pocket amounts (Deductibles, co-payments, and other amounts, but not premiums) |
Self only: $8,050 Family: $16,100 |
Self only: $7,500 Family: $15,000 |
Self only: +$550 Family: +$1,100 |
While federal minimum wage stays at $7.25, states across the nation are scheduled to increase their minimum hourly rates in 2024. For your convenience, we’ve compiled a list of the upcoming changes:
New York
The following is the schedule of rate increases:
| Location | 01/01/2024 |
| NYC | $16.00 |
| Long Island & Westchester | $16.00 |
| Remainder of New York State | $15.00 |
Note: Higher minimum wage rates apply to home health aides throughout the state. For more information, check out our on-demand webinar Caring for Your Caregivers: A New York HCM Compliance Primer.
The following states’ hourly minimum wage will increase effective January 1, 2024, unless otherwise noted:
| State | 2024 | 2023 |
| Alaska | $11.73 | $10.85 |
| Arizona | $14.35 | $13.85 |
| California | $16.00 | $15.50 |
| Connecticut | $15.69 | $15.00 on 6/1/23 |
| Delaware | $13.25 | $11.75 |
| Florida | $13.00 on 9/30/24 | $12.00 on 9/30/23 |
| Hawaii | $14.00 | $12.00 |
| Illinois | $14.00 | $13.00 |
| Maine | $14.15 | $13.80 |
| Maryland | $15.00 | $13.25 |
| Michigan | $10.33 | $10.10 |
| Minnesota | $10.85 | $10.59 |
| Missouri | $12.30 | $12.00 |
| Montana | $10.30 | $9.95 |
| Nebraska | $12.00 | $10.50 |
| Nevada | $12.00 on 7/1/24 | $10.25 on 7/1/23 |
| New Jersey | $15.13 | $14.13 |
| Ohio | $10.45 | $10.10 |
| Rhode Island | $14.00 | $13.00 |
| South Dakota | $11.20 | $10.80 |
| Vermont | $13.67 | $13.18 |
| Washington | $16.28 | $15.74 |
Disclaimer: State minimum wage laws frequently change and may have been modified since the publication of this information. In addition, some states may have different minimum wages based on company size and industry, and many localities have passed minimum wage laws that are higher than state law. Please consult your legal advisor.
New York City (5 Boroughs):
| Type of Pay | Current | 01/01/2024 |
| Base Wage | $17.00 | $18.55 |
| Benefits | $4.09 | $2.54 |
| Total | $21.09 | $21.09 |
Nassau, Suffolk, and Westchester:
| Type of Pay | Current | 01/01/2024 |
| Base Wage | $17.00 | $18.55 |
| Benefits | $3.22 | $1.67 |
| Total | $20.22 | $20.22 |
California Health Care Minimum Wage
Effective June 1, 2024, under Senate Bill 525, certain large health care facilities in California, including hospitals (but not state or tribal hospitals), licensed nursing facilities, and home health agencies and clients, will be subject to higher minimum wage requirements.
The amount and timing of increases to minimum wage vary for different categories of health care facilities.
In general, large health care facilities with 10,000 or more full-time equivalent employees, dialysis clinics, and certain “large-county” facilities will be required to pay virtually all employees at a minimum of $23.00 per hour.
For rural hospitals, certain “small-county” facilities and hospitals with elevated government payor mixes, minimum wage will be $18.00 per hour, while for certain clinics and all other covered health care facilities, minimum wage will be $21.00 per hour.
Rates will continue to increase for each category until they reach $25.00 per hour.
Health care employers should review SB 525 with their legal counsel to determine which category they fall under and pay their employees accordingly.
States have begun releasing their 2024 SUTA wage bases. Below is a chart of the wage bases released so far:
| State | 2024 Wage Base | 2023 Wage Base |
| Alabama | $8,000 | $8,000 |
| Alaska | $49,700 | $47,100 |
| Arizona | $8,000 | $8,000 |
| Arkansas | $7,000 | $7,000 |
| California | $7,000 | $7,000 |
| Colorado | $23,800 | $20,400 |
| Connecticut | $25,000 | $15,000 |
| District of Columbia | $9,000 | $9,000 |
| Florida | $7,000 | $7,000 |
| Georgia | $9,500 | $9,500 |
| Illinois | $13,590 | $12,960 |
| Indiana | $9,500 | $9,500 |
| Iowa | $38,200 | $36,100 |
| Kansas | $14,000 | $14,000 |
| Maine | $12,000 | $12,000 |
| Maryland | $8,500 | $8,500 |
| Massachusetts | $15,000 | $15,000 |
| Michigan | $9,500 | $9,500 |
| Minnesota | $42,000 | $40,000 |
| Mississippi | $14,000 | $14,000 |
| Missouri (decreasing) | $10,000 | $10,500 |
| Montana | $43,000 | $40,500 |
| Nebraska | $9,000 | $9,000 |
| Nevada | $40,600 | $40,100 |
| New Hampshire | $14,000 | $14,000 |
| New Jersey *see details below | $42,300 | $41,100 |
| New Mexico | $31,700 | $30,100 |
| New York | $12,500 | $12,300 |
| Ohio | $9,000 | $9,000 |
| Oklahoma | $27,000 | $25,700 |
| Oregon | $52,800 | $50,900 |
| Pennsylvania | $10,000 | $10,000 |
| South Carolina | $14,000 | $14,000 |
| South Dakota | $15,000 | $15,000 |
| Tennessee | $7,000 | $7,000 |
| Texas | $9,000 | $9,000 |
| Utah | $47,000 | $44,800 |
| Vermont | $14,300 | $13,500 |
| Virginia | $8,000 | $8,000 |
| Washington | $68,500 | $67,600 |
| Wisconsin | $14,000 | $14,000 |
| Wyoming | $30,900 | $29,100 |
*New Jersey Details:
| 2024 | 2023 | |
| SUTA EE/ER | $42,300 | $41,100 |
| FLI EE | $161,400 | $156,800 |
| SDI EE | $161,400 | $156,800 |
| SDI ER | $42,300 | $41,100 |
| WFD ER | $42,300 | $41,100 |
Disclaimer: SUTA wage base laws frequently change and may have been modified since the publication of this information. Some states may have two-tiered wage bases. Please consult your tax advisor.
Montana has drastically changed its withholding formula for 2024 to align it more closely to the federal withholding tax formula. Included in these changes is the release of a new Form MW-4, Montana’s employee withholding and exemption certificate. The new Form MW-4 introduces new filing statuses that mirror the federal filing statuses.
Montana recommends that all employees complete a new Form MW-4 prior to January 1, 2024, to ensure correct withholding from wages for the new year.
On December 3, 2023, the New York City Council enacted a law requiring employers to provide a workers’ bill of rights by July 1, 2024, to their NYC employees. This bill of rights will be published on the City’s website on or before March 1, 2024.
By July 1, employers must:
Failure to meet posting requirements will incur a $500 penalty.
For more information on 2024 compliance changes, check out our webinar Getting Ahead of 2024 Compliance.
This information is for educational purposes only, and not to provide specific legal advice. This may not reflect the most recent developments in the law and may not be applicable to a particular situation or jurisdiction.
Viventium Software Inc. is a SaaS-based human capital management solution that provides a remarkable user experience and award- winning software. Viventium provides flexible software and expert guidance so clients can be sure their payroll is done right.
Viventium offers specialized solutions in the health services markets which include home care agencies and skilled nursing facilities. Viventium Software supports all fifty of the United States with payroll and HR solutions.
Relax – you’re with Viventium.
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Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
VERSE 1
In the world of work, there’s a tale to be told, About overtime hours, and the payroll gold, A consistent paycheck, that’s the worker’s dream, But when it comes to overtime, it’s not as easy as it seems.
PRE-CHORUS
Oh, Susie worked hard in San Francisco town, But the rules around overtime, they had her feeling down, 42 hours this week, she gave her all, Now it’s time to calculate, let the numbers fall.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
VERSE 2
Exempt or non-exempt, the title they hold, Where they work, where you’re based, it’s all in the fold, California or New York, the laws they diverge, For payroll admins, it’s a never-ending surge.
PRE-CHORUS
Oh, the DOL’s website, a labyrinth to explore, State regulations galore, it’s quite a chore, Staying compliant, it’s a tricky art, Missing out on requirements can break your heart.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
BRIDGE
But here’s a method that can save the day, A payroll software, to keep errors at bay, Input the info right, integrate with ease, No more manual labor, no more overtime fees.
VERSE 3
Back to Susie’s story, she’s owed her due, According to FLSA, it seems we have a clue, $860 on the table, that’s what we’d say, But California’s got its rules, changing the way.
PRE-CHORUS
Oh, California says, hours past eight, Are overtime-eligible, don’t underestimate, Now Susie’s owed $900, that’s the decree, In this overtime puzzle, you gotta set it free.
CHORUS
Overtime, oh, it’s a complicated game, Different rules in every state, it’s never the same, Multiply by 1.5, but there’s more to see, In this overtime equation, it’s not that easy, you see.
OUTRO
So when it’s overtime, and the rules entwine, Choose a payroll software, let it all align, Viventium’s the name, we’ve got the key, To make overtime calculations a breeze, you’ll see.
ENDING
Don’t overwork yourself, don’t you fret, With Viventium by your side, it’s a safe bet, Relax, you’re with us, in this overtime fight, With the right tools in hand, everything’s gonna be alright.
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
VERSE 1
In the world of care, where time slips away, Caregivers dedicate, every single day. But when the hours are missed, in the daily race, Retroactive pay, steps up to embrace.
PRE-CHORUS
A caregiver tired, at the week’s end, Forgot to log hours, a mistake to mend. Admins face the challenge, calculations to make, To set it right, for the caregiver’s sake.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
VERSE 2
Manual calculations, prone to a flaw, Dealing with shifts, odd hours, and the law. As your business grows, the cost takes flight, Automated solutions, shining bright.
PRE-CHORUS
Compliance is key, with FLSA’s might, Calculate and compensate, get it right. Avoid the audit’s gaze, fines and the cost, Retroactive pay, no longer lost.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
BRIDGE
Employee satisfaction, a crucial part, Resolve mistakes, a work of heart. Relationships flourish, in pay’s embrace, A payroll software, creating a trace.
VERSE 3
Star caregivers, valued and strong, Retention and recruiting, where they belong. Automated solution, a total pay dance, Establish your business, a work-life romance.
PRE-CHORUS
A self-winding watch, Viventium’s grace, Optimizing payroll, in every case. No more struggles, in the payroll game, In it with you, time and time again.
CHORUS
Take back time, like a winding clock, Retroactive pay, mending every block. Calculate the hours, with precision and grace, In the world of care, in this payroll space.
OUTRO
As your business grows, in the hustle and fight, Viventium by your side, making it right. No more worries, in the payroll chain, In it with you, time and time again.
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
VERSE 1
In the world of business, we all aim to thrive, Year after year, our dreams taking flight. But as we soar higher, we start to see, More money, more problems, just like B.I.G. Outgrowing our shell, it’s an exciting phase, But it brings with it some challenging days. Solutions we had, now show their flaws, As we push the boundaries, breaking through the walls.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
VERSE 2
Employees across states, in different localities, Tax laws aplenty, creating complexities. Our old software’s limits, we’ve begun to see, Scaling up our business, we need to break free. Calculating pay and taxes, where it all begins, Errors in this process, lead to countless sins. Employees rely on us, trust in our might, To withhold what’s needed, get it just right.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
BRIDGE
Taxes, they’re not simple, that’s for sure, A world of complexity, there’s always more. But Viventium stands with us, in this fight, Geo Tax, our ally, making everything right.
VERSE 3
CPAs may struggle, and admins too, Keeping up with taxes, what can they do? The rules keep changing, it’s hard to keep pace, But Viventium’s here, in this challenging space.
CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
OUTRO
So relax, dear business, and set your mind free, With Geo Tax on our side, we’re the best that we can be. Viventium’s got us, in this tax-filled fight, No more worries, no more sleepless nights.
REPEAT CHORUS
Geo Tax, oh Geo Tax, our savior in the night, Guiding us through tax laws, shining a bright light. No more payroll worries, no more sleepless nights, With Viventium’s help, we’ll be alright.
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
VERSE 1
In the world of admin tasks, where changes often arise, There’s a tool that’s been a savior, under office fluorescent skies. With flexibility and precision, it eases their daily strife, Let’s sing about this feature, it’s the pulse of our work life.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
VERSE 2
Admins wear many hats, in their daily grind, Sometimes they need to adjust, leave no errors behind. Adding extra hours, bonuses, or fixing pay, They need a simple method, to make it all okay.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
BRIDGE
Custom views and filters, tailor it to your need, Focus on the important, no need for needless speed. A hundred-dollar bonus, a few clicks and it’s in flight, Admins get it done, making sure it’s right.
VERSE 3
In the admin’s world, where numbers have their say, This tool steps in gracefully, making tasks less gray. An interface so intuitive, like an Excel sheet, Changing data effortlessly, making work complete.
CHORUS
Configurable Payroll Grids, a helping hand in sight, In the realm of admin life, where details are rife. With custom views and filters, they navigate through the night, Let’s celebrate this feature, it’s the heart of our work life.
OUTRO
So here’s to Payroll Grids, in our song of praise they gleam, For admins working diligently, they fulfill a dream. In the world of office hustle, they bring much-needed light, Let’s tip our hats to this tool, and its invaluable might.
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
VERSE 1
In the world of payroll, a daily task we face, Admins work hard, in this complex space, They handle policies, with attention and care, But there’s a solution that’s beyond compare.
PRE-CHORUS
Oh, payroll admins, your role’s crucial and true, But there’s a tool we’ve got, just for you, Let’s explore rule-based automation, my friend, With Viventium, your tasks will gently mend.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
VERSE 2
Standardize policies, that’s the key, For tenure, role, union status, you’ll see, PTO, bonuses, pay rates defined, Automation makes your workload more aligned.
PRE-CHORUS
Oh, payroll admins, the burden’s a load, But rule-based automation lightens the road, No more tiresome chores, no more dread, With Viventium, it’s smoother ahead.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
BRIDGE
In the world of payroll, where tasks repeat, We’ve got the solution, it’s oh so neat, “If this, then that,” it’s simple and sly, With Viventium by your side, you’ll reach for the sky.
VERSE 3
Tenure-based PTO, a common request, With Viventium, it’s passed the ultimate test, Set it up once, and then you’ll see, Automation handles the chore, oh so free.
PRE-CHORUS
Oh, payroll admins, take a breath, take a pause, With Rule-Based Automation, you’ll find no flaws, It’s easy, it’s simple, no programming in sight, Viventium’s got you covered, day and night.
CHORUS
Rule-Based Automation, it’s the name of the game, Less manual toil, less stress and shame, With policies and standards, we’ll pave the way, To automate your chores and brighten your day.
OUTRO
So if you’re a payroll admin, feeling the weight, Let Viventium’s Rule-Based Automation be your fate, No more worries, no more strife, With Viventium, you’ll transform your work life.
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
VERSE 1
In the world of business, it’s a complex game, With factors and figures, it’s never the same. Decisions are key, they’ll determine your fate, So listen up closely, don’t be a bit late.
PRE-CHORUS
Gather your data, don’t let it fade, In the depths of spreadsheets, don’t let it cascade. Your HCM software, is it up to the task? To capture and store, to help you unmask.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
VERSE 2
Once the data’s collected, it’s time to report, But it can be daunting, that’s the common retort. Pre-built solutions, they’re your guiding light, Turning raw data into visions so bright.
PRE-CHORUS
No more manual hours, no errors in sight, With report library’s might, everything’s right. Payroll summaries, tax liabilities, and more, All in a flash, you’ll have what you adore.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
BRIDGE
Viventium’s here, with a passion so true, Constantly improving, for folks just like you. A Report Library, a gift from the stars, For data-driven dreams, it’ll take you far.
CHORUS
Oh, the Report Library, it’s the heart of the show, Where numbers come alive and insights start to flow. With Viventium’s aid, it’s a breeze, can’t you see? Reporting made easy, for your company to be free.
OUTRO
So remember this lesson, in the business terrain, It’s all ’bout decisions, don’t let ’em wane. With data as your guide, and Viventium’s grace, You’ll conquer the challenges you’ll face.
