Rates and Limits
2024 Annual rates
- Social Security Rates: 6.2%
- Medicare Rates: 1.45% (same for Employer and Employee)
- FUTA Taxable Wage Base: $7,000
- FUTA Rate: 6%
- WA Employment Security Wage Limit: $68,500
- WA State Minimum Wage Limit: $16.28 per hour
2024 Business Mileage
- Business Mileage Rate*: $.67 per mile
- *Can be used only if taxpayer owns/leases a passenger auto, van, pickup, or panel truck and up to 4 taxis used for hire on which no § 179 or depreciation was taken.
2024 Qualified Retirement Plan Limits
- Pretax contributions for 401(k) and SEP plans and 403(b) annuities: $23,000
- Workers aged 50 and over (catch-up): $7,500
- Pretax contributions for Simple plans: $16,000
- Workers aged 50 and over (catch-up) for Simple Plans: $3,500
Important IRS Links & Phone Numbers
- The IRS provides resources and online learning for Small Business and the Self-Employed. Access the tax center for Small Business and Self-Employed:
- Small Business Tax Center
- Taxpayer Assistance Center – Contact your local IRS office:
- Tax Information For Business
- Business and Specialty Tax Line:
- 800-829-4933
- Refund Hotline:
- 800-829-1954
- National Taxpayer Advocate’s Help Line:
- 877-777-4778
- NOTE: Forms and Publications can be accessed at www.irs.gov.