Reduces taxable wage base applied to certain tax contributions.

This bill reduces the taxable wage base applied to certain payroll tax contributions made by employers and employees. Current law establishes the level of wages subject to tax contributions required under the unemployment insurance, temporary disability insurance, and family leave insurance programs, as well as under the Workforce Development Partnership Fund and the Supplemental Workforce Fund for Basic Skills. For calendar year 2024, the taxable wage base for these programs is $42,300.

Reduces taxable wage base applied to certain tax contributions.

This bill reduces the taxable wage base applied to certain payroll tax contributions made by employers and employees. Current law establishes the level of wages subject to tax contributions required under the unemployment insurance, temporary disability insurance, and family leave insurance programs, as well as under the Workforce Development Partnership Fund and the Supplemental Workforce Fund for Basic Skills. For calendar year 2024, the taxable wage base for these programs is $42,300.