2024 Tax Mid Year Review

June 28, 2024

The past six months brought many legislative changes, ranging from employment taxes to changes, including employment, withholding, and local taxes.

Below is an overview of what to expect and prepare for beginning July 1, 2024, through December 31, 2024, including a few retroactive changes.

New Tax Requirements for Employers

Indiana New Hire Report Requirement

  • Effective July 1, 2024, the Indiana New Hire Reporting Center will require employers to file their reports of newly hired or rehired employees electronically.
  • Employers will also be required to provide additional data elements on their reports.

Vermont Childcare Contribution

  • Effective July 1, 2024, Vermont’s Child Care Financial Assistance Program (CCFAP) will begin collecting a new employer payroll tax (0.44% of each employee’s covered wages).
  • However, employers may deduct up to 25% of the required contributions from each employee’s wages. 

Learn More: Federal and State Tax Facts

State Minimum Wage Updates 

StateEffective Date Minimum WageMinimum Cash Wage Tipped Credit
District of Columbia 7/1/2024$17.50$10.00$7.50 
Florida9/30/2024 $13.00$9.98 $3.02
Nevada 7/1/2024$12.00 N/AN/A 
Oregon7/1/2024$14.70N/A N/A
Puerto Rico7/1/2024$10.50$2.13$8.37 

Learn More: Minimum Wage Rates by State

Local Minimum Wage Updates

StateLocal JurisdictionEffective DateMinimum WageTipped Minimum CashTipped Credit
CaliforniaAlmeda City7/1/2024$17.00 N/AN/A 
Berkeley $18.67 
Los Angeles (city)$17.28
Los Angeles County
San Francisco $18.67
Santa Monica$17.27






Chicago City7/1/2024$16.20$11.02 $5.18
Cook County$14.05$8.40$5.65
MarylandMontgomery County7/1/2024


  • $17.15 (employers with 51 or more employees)
  • $15.50 (employers with 11-50 employees)


  • $13.15 (employers with 51 or more employees
  • $11.50 (employers with 11-50 employees)
  • $15.57 (employers with 100 or fewer employees)

St. Paul 
  • $12.25 (employers with 5 or fewer employees)

  • $14.00 (employers with 6-100 employees) 

  • $15.57 (employers with 101 or more employees)

Oregon Nonurban Counties7/1/2024 $13.70 N/A N/A
Portland Metro $15.95 

Retroactive State Withholding Tax Changes

  • Georgia eliminated personal exemptions effective January 1, 2024, and revised income tax tables that are both effective July 1, 2024 and retroactive to taxable years beginning on or after January 1, 2024.
  • Ohio released new withholding tax tables to reflect lower income tax rates that are effective July 1, 2024.
  • Virginia released updated withholding income tax tables effective April 1, 2024.

Thank you for choosing Paylocity as your Payroll Tax and HCM partner. This information is provided as a courtesy, may change, and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney, or Advisor.


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