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July 2024 Tax Update Bulletin

Created on  | Last modified on 

Summary

This bulletin describes the changes included in the July 2024 Sage 50 Payroll Solutions Update for Sage 50 Accounting, Release 2024.

Description


Resolution

Federal Tax Changes    

  

1.     Federal Income Tax Withholding  
The 2024 withholding tax tables changed on January 1st.  Please note, the new filing statuses introduced as a result of the revised W-4 Form for 2020 and the prior statuses exist for those employees using 2019 and prior revision of the form.  For more information, please see: 
Payroll tax year 2020 W-4s 

 

State and Local Tax Changes 

 

DC Paid Family Leave
Withholding rate change.

Georgia State Income Tax
Withholding Tax updates. 

Georgia State Income Tax – Additional Withholding Correction
GA Additional Withholding

Idaho State Income Tax  
Withholding Table and Allowance updates. 

Ohio State Income Tax  
Withholding Table update. 

Oregon TriMet Transit District (TM)
Tax rate change. 

Oregon Lane Transit District (LTD)
Tax rate change. 

Utah State Income Tax
Withholding Tax updates. 

Virginia State Income Tax
Standard Deduction change. 

New Jersey State Unemployment Insurance Tax
Addition of 0.0425% Workforce Development Fund (WF) to NJ SUI 
New Jersey Workforce Information 

Vermont Child Care Contribution Tax
New tax starting July 1st, 2024 
Click this link for Setup Instructions 

Correction to resolve 2-factor authentication and Direct Deposit Sync Error when SMS Text is Used.
This tax update contains a fix for an issue that may prevent Direct Deposit sync when 2-factor authentication is used with SMS text. 

 

 

2024 State Unemployment Wage Limits 

  

The following state unemployment wage limits apply for 2024. For details on how to apply the limits for your state, please review the following articles in the Year-End Center.  
How to automatically update your user-maintained payroll taxes and benefits for the new year using the Update Wizard 

 

State 

Employee Annual Wage Limit 

State 

Employee Annual Wage Limit 

Alabama 

8,000 

Montana 

43,000 

Alaska 

49,700 

Nebraska 

9,000 

Arizona 

8,000 

Nevada 

40,600 

Arkansas 

7,000 

New Hampshire 

14,000 

California 

7,000 

New Jersey 

42,300 

Colorado 

23,800 

New Mexico 

31,700 

Connecticut 

25,000 

New York 

12,500 

Delaware 

10,500 

North Carolina 

31,400 

DC 

9,000 

North Dakota 

43,800 

Florida 

7,000 

Ohio 

9,000 

Georgia 

9,500 

Oklahoma 

27,000 

Hawaii 

59,100 

Pennsylvania 

10,000 

Idaho 

53,500 

Rhode Island 

29,200 

Illinois 

13,590 

South Carolina 

14,000 

Indiana 

9,500 

South Dakota 

15,000 

Iowa 

38,200 

Tennessee 

7,000 

Kansas 

14,000 

Texas 

9,000 

Kentucky 

11,400 

Utah 

47,000 

Louisiana 

7,700 

Vermont 

14,300 

Maine 

12,000 

Virginia 

8,000 

Maryland 

8,500 

Washington 

68,500 

Massachusetts 

15,000 

West Virginia 

9,521 

Michigan 

9,500 

Wisconsin 

14,000 

Minnesota 

42,000 

Wyoming 

30,900 

Mississippi 

14,000 

Puerto Rico 

7,000 

Missouri 

10,000 

Virgin Islands 

31,000 

 

Bold and Red indicates the Wage Base Limit changed in the July 2024 tax update. 

  

  

Tax Forms  
  

Payroll Tax Forms: The payroll tax forms were updated within the Payroll Tax Form Selector window on or after December 20, 2023. To receive an update, select a Federal or State form and click on Next.  If there is an update, the next window to appear will have an option to automatically update your forms.  It is strongly recommended that you take all forms updates. 
 
NOTE: The payroll forms update also updates the forms lists that appear in the Payroll Tax Form Selector window.  If you are trying to run a year-end 2023 form such as W-2’s, 940/943/945 but only see the 2022 forms listed then: 

  • Select the 2022 form that you want and click on OK.  
  • If you have a current Sage 50 subscription, the next window will prompt you to update your forms. 
  • After taking the forms update, you will see the 2023 year-end forms listed in the Payroll Tax Form Selector window. 

  

Special Note: The forms provided by Sage 50 are approved by the taxing authorities.  A few states have not yet approved their forms.  Any form, that can be printed and mailed, and is awaiting approval, will print with the banner “Record Copy Do Not File”.  We will be removing the “Record Copy” as the taxing agencies approve the forms.  There will be periodic online updates for these forms via the Automatic Update feature in Payroll Tax form.  
 

 
Making Sure That Your Tax Update is Applied 

  

The version for this tax update is 20240701 for release 2024. Follow these steps to make sure that your tax update was applied: 

   

For Release 2024: 

1.     Open your Sage 50 company. 

2.     Select Help > About Sage 50 Accounting. 

3.     Confirm that the Installed Tax Update version number matches the version number listed above. 

 

Getting Help and Customer Support  
 

Help within your Sage 50 application is a great source of information.  Help can be accessed from a Sage 50 window by clicking on the Help button in the toolbar or pressing F1 key while on a field. 

  

In addition to Help, you can access Support or the Sage 50 Accounting User Community by going to https://communityhub.sage.com/us/sage50_us. 

  

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