State Unemployment Insurance Taxable Wage Bases for 2024

In November of 2023, multiple states released their state unemployment insurance taxable wage bases for 2024. Employers need to be aware that these taxable wage bases may have changed since then due to unemployment trust fund balances that are lower than anticipated and economic concerns regarding employer taxes.

The Federal Unemployment Tax Act (FUTA) required that each state’s taxable wage base must be at least equal to the FUTA taxable wage bases of $7,000 per employee. Most states have wage bases that exceed the required amount. There are various formulas that states use to determine their taxable wage base such as tying theirs by law to the FUTA wage base or using a percentage of the state’s average annual wage.

You can download an updated chart of State Unemployment Insurance Taxable Wage Bases for 2021-2024 by clicking here. States that have changed their wage base for 2024 are highlighted in bold. If you have questions concerning the updates to taxable wage bases please contact your payroll specialist.