Illinois (IL) – 2024

Illinois Effective 1/1/2024 Federal Effective 7/24/2009

Minimum WageIllinoisFederal
Minimum Wage$14.00$7.25
Minimum Cash Wage (Tipped Employee)$8.40$2.13
Maximum Tip Credit$5.60$5.12
Youth Minimum Wage (more than 650 hours)$14.00
State Income TaxIllinoisFederal
Wage Withholding4.95%
Supplemental Wage / Bonus Rate4.95%
Unemployment InsuranceIllinoisFederal
Maximum 2024 Taxable Earnings (increased from $13,271 in 2023)$13,590
Employee 2024 DeductionNone
Employer 2024 Tax Rates (Includes 0.55% fund-building surtax)0.850% – 8.650%
Standard 2024 New Employer Rate (Includes 0.55% fund-building surtax)3.950%
Voluntary Contribution PermittedNo

Federal (FED) – 2024

Minimum WageFederal
Youth Minimum Wage$4.25
Maximum Tip Credit$5.12
Minimum Cash Wage (Tipped Employee)$2.13
Minimum Wage$7.25
FICA (MEDICARE)Federal
Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)0.90%
Maximum Taxable EarningsNo Limit
Employee / Employer Tax Rate (Unchanged from 2023)1.45%
FICA (SOCIAL SECURITY)Federal
Maximum Taxable Earnings (Increased from $160,200 in 2023)$168,600
Employee / Employer Tax Rate (Unchanged from 2023)6.20%
FUTA (EMPLOYER-PAID)Federal
Normal Net Tax0.60%
Maximum Credit5.40%
Percent of Taxable Wages6.00%
Maximum Taxable Earnings$7,000
Health Savings AccountsFederal
Catch-up Contribution Limit (Employee / Employer) (Unchanged from 2023)$1,000
Family Contribution Limit (Employee / Employer) (Increased from $7,750 in 2023)$8,300
Self-Only Contribution Limit (Employee / Employer) (Increased from $3,850 in 2023)$4,150
Pension PlansFederal
Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Unchanged from $7,500 in 2023)$7,500
Contribution Limit – 401(k) & 403(b) plans (Increased from $22,500 in 2023)$23,000
Supplemental Wage / Bonus RatesFederal
Pay over $1 Million (Unchanged from 2023)37%
Flat Rate Withholding Method (Unchanged from 2023)22%

Illinois State Resources

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