Washington State has announced its 2024 Paid Family & Medical Leave (PFML) premiums and has released the 2024 taxable wage base.
2024 PFML Premiums:
- The total PFML premium will be 0.74 percent for 2024.
- Employers with 50 or more employees will be responsible for 28.57 percent of the total premium and employees will be responsible for 71.43 percent.
- Businesses having fewer than 50 employees are not required to pay the employer portion of the premium, unless they choose to do so.
- They must still collect the employee premium or pay employees’ premiums on their behalf.
- Once an employee meets the Social Security cap, you need to stop collecting premiums but continue to report their wages. The Social Security cap for the 2024 calendar year will increase to $168,600.
For additional details, please see the full notice here.
This article is informational and does not constitute legal or financial advice. Consult with an employment lawyer or accountant for additional clarification on how these changes impact your company.