Texas (TX) – 2024

Texas Effective 7/24/09 Federal Effective 7/24/09

Minimum WageTexasFederal
Minimum Wage$7.25$7.25
Minimum Cash Wage (Tipped Employee)$2.13$2.13
Maximum Tip Credit$5.12$5.12
Youth Minimum Wage$4.25$4.25
State Income TaxTexasFederal
Wage WithholdingNone
Supplemental Wage / Bonus RateNone
Unemployment InsuranceTexasFederal
Maximum 2024 Taxable Earnings$9,000 (Unchanged from 2023)
Employee 2024 DeductionNone
Standard 2024 New Employer Rate2.7% or NAICS Industry Average, whichever is higher
Voluntary Contribution PermittedYes

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) (Increase from 6,500 in 2022)$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%

Texas State Resources

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