Most Recent News

Highlights of Recent Payroll News: 

2023 Year End Information and 2024 Preview

    • FICA Social Security limit will rise to $168,600 in 2024.

    • NJ minimum wage will rise to $15.13 per hour for most employers on Jan 1, 2024. Please see NJ Min Wage Poster on Payroll & Government Forms page. Employer NJ unemployment and disability wage limits increased to $42,300. The employee wages limit for disability and family leave increased to $161,400.

    • Vestwell Holdings Inc. has been named as Plan Administrator for the NJ retirement savings plan law. Although a date has not been officially announced, Vestwell is aiming for March 2024 to be operational. For private sector businesses with more than 25 employees that do not already offer a retirement savings plan, the law mandates the employer offer New Jersey Secure Choice Savings. Employers have 9 months after the Plan is operational. 

    • CA and NY have not paid back the unemployment funds borrowed from the Federal government by November 10, 2023. As such, the employers in those states have a credit reduction of 0.6% on employee wages up to $7,000 retroactive to 1/1/23. 

 For more information on NJ minimum wage, NJ FLI or NJ PSL please visit https://www.nj.gov/labor/

Please note that Media does not provide accounting or legal advice. 

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