Update as of January 9, 2024:

Please note that certain taxes were not finalized in time for the release of our first tax update. A second tax update will be issued in the near future that will update with the final tables and withholding amounts for 2024. 

What's New

Federal Tax Changes

• Federal Income Tax Withholding 
  The 2024 withholding tax tables changed. As a result of changes to the W-4 form beginning with the 2020 calendar year, revised filing statuses are available, as well as the 2019 and older filing statuses for those employees that have not revised their existing withholding elections.
  Review Payroll tax year 2020 W-4s for additional information.
• Social Security Wage Base
  The 2024 social security wage base increased to $168,600.

State and Local Tax Changes

• Alabama State Income Tax
  Overtime exemption
• Arkansas State Income Tax
• California Disability Insurance
• California State Income Tax
• Colorado Family and Medical Leave Insurance
• Colorado State Income Tax
  Click this link for setup instructions
• Connecticut Paid Family Leave
• Connecticut State Income Tax
• Hawaii Temporary Disability Insurance
• Illinois State Income Tax
  Click this link for setup instructions
• Indiana State Income Tax
  Click this link for setup instructions
• Kentucky State Income Tax
• Massachusetts State Income Tax
  Click this link for setup instructions
• Massachusetts Paid Family and Medical Leave
• Maine State Income Tax
• Mississippi State Income Tax
• Missouri State Income Tax
• Montana State Income Tax
• Nebraska State Income Tax
• New Jersey State Disability Insurance
• New Jersey Family Leave Insurance
• New Mexico State Income Tax
• New York Paid Family Leave
• Ohio State Income Tax
• Oklahoma State Income Tax
• Oregon Paid Family Leave
• Oregon State Income Tax
• Rhode Island State Income Tax
• South Carolina State Income Tax
• Washington Paid Family Leave

For additional information, see Sage Knowledgebase article: 1st January 2024 Tax Update Bulletin.

Is your tax update applied?

You will receive this update automatically through your product. The version for this tax update is 20240101 for releases 2023 and 2024. Follow these steps to make sure that your tax update was applied:

1. Open your Sage 50 company.
2. Select Help > About Sage 50 Accounting.
3. Confirm that the installed Tax Update version number matches version number 20240101.
4. If your Installed Tax Update version number does not match:
   1. Select Services> Check for Updates > Check Now.
   2. If multiple updates appear, select the update(s) you want to install, then select Download.
   3. After the download is finished, exit Sage 50 and the update will begin.

Need help?

Visit Sage.com/Resources for options, including links to Sage Year-end Center, Sage Knowledgebase, Community Hub, and Sage University, as well as Chat and Online Case submission.

You can also join us online at Sage Q&A Live to get answers to your questions in real time and to view online demonstrations on common topics. Enter your name and email address, click Join Webinar in Progress, and ask your question(s).