Updates to 2024 Federal Taxes
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
On Wednesday, the Department of Labor announced an increase in the salary maximum for employees to make over time. Check out the numbers here.
Goodbye $23,600 and hello $47,476.
On Wednesday, the Department of Labor announced an increase in the salary maximum for employees to make over time. Simply put, people who make under $47,500 will now automatically qualify for time and half after working 40 hours.
The change – which goes into effect on December 1, 2016 – is set to affect scores of working Americans, most notably those who are classified as “executive, professional, or administrative employees.” Restaurant workers, fast food chefs, certain journalists, and other entry-level professionals who burn the midnight oil, pushing 50 hours a week to make an impression will now reap the benefits.
Other backlash of this expansion to overtime may include employers offering higher salaries, or cutting hours. No matter the consequence, four million Americans will see some ripple, according to the Department of Labor. If you ask the Economic Policy Institute, that number jumps to 12.5 million.
Here’s a larger look at the numbers of people who will be affected.
If you know you're one of the many people whose paycheck will see a difference, use our salary calculator to work out some scenarios.
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
Check out the updated 2024 Federal benefit limits for 401(k), HSA, and simple IRA, and more. Stay informed and plan your finances with confidence!
New updates to the 2023 and 2024 401k contribution limits. Use a free paycheck calculator to gain insights to your 401k and financial future.