The Social Security Administration (SSA) announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $160,200 to $168,600 in 2024 (an increase of $8,400). The maximum Social Security employer contribution will increase by $520.80 in 2024.
Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The amount of earnings required to be credited with a quarter of Social Security coverage will increase from $1,640 to $1,730.
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The Office of Child Support Services (OCSS) released a revised Income Withholding Order (IWO) for child support and instructions with an expiration date of August 31, 2026.
The IWO is used to notify employers and other debtors of required child support withholding and remittance information.
Changes to Form
The revised form contains minor changes, including moving the Paperwork Reduction Act language to the instructions and changing the contact email address. Also, the form was updated to reflect the agency's name change from the Office of Child Support Enforcement to the Office of Child Support Services.
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The IRS updated Notice 931, Deposit Requirements for Employment Taxes, to include the tax deposit rules for tax year 2024.
Main Deposit Schedules
There are two deposit schedules (monthly or semiweekly) for determining when an employer must deposit Social Security and Medicare taxes and withhold federal income tax. Before the beginning of each calendar year, an employer must decide which of the two deposit schedules it must use. The deposit schedule an employer must use is based on the total tax liability it reported during a lookback period.
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