FICA
Social Security Tax is 6.2% on income up to $168,600
Medicare Tax unlimited 1.45% to Unlimited

ACA Affordability — The ACA benchmark for determining the affordability of employer-sponsored health coverage will drop significantly to 8.39% of an employee’s household income for the 2024 plan year.

High Deductible Health Plans
Minimum Annual Deductible (Individual/Family) $1,600 / $3,200
Maximum Out-of-Pocket Limit (Individual/Family) $8,050 / $16,100

Health Savings Accounts
Individual / Family $4,150 / $8,300
Catch-up Contribution $1,000

Excepted Benefit HRA $2,100

Excepted-benefits health plans are non-traditional, fully insured and tax-advantaged health plans that are exempt from Affordable Care Act (ACA) requirements, which means they can be offered to select (versus all) employees at the employer’s discretion, including practice owners/partners.

ACA Plan Limits
Out-of-Pocket Limits Individual / Family $9,450 / $18,900

Flexible Spending Accounts
Health Care Flexible Spending Account Maximums $3,200 Maximum carryover $640
Dependent Care Spending Account Maximum $5,000

Dependent Care Spending Account Maximum for highly compensated ($150,000 in 2023) employees $3,000
The dependent care FSA maximum is set by statute and is not subject to inflation-related adjustments.

Standard Mileage Rates
65.5 cents per mile for business miles driven
22 cents per mile for medical or moving purposes
14 cents per mile driven in service of charitable organizations

Parking (monthly) $315
Mass Transit Passes (monthly) $315

Compensation
Compensation Limit $345,000
Highly Compensated Employee Salary Amount $155,000
Annual Compensation for Key Employee $220,000
Defined Benefit Plan Limit $275,000
Defined Contribution Plan Limit $69,000

Retirement Plans
401(k) $23,000
401(k) Catch-up $7,500

IRA Limit $7,000/$8,000 for age 50+
Simple IRA Limit $16,000/$3,500 Catch-Up

Employee Benefit Advisors provides employee benefits, tax-advantaged healthcare, compliance guidance for ACA and Health & Welfare DOL Audits, and PEO Advisory & Consulting Services.