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 DECEMBER 2023
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2024 Paid Family & Medical Leave Premiums
The Paid Leave Program is funded by premiums collected from employees and employers through quarterly reporting. By law, rates are recalculated and adjusted annually based on premiums contributed and benefits paid during the previous year.
Starting Jan. 1, 2024:
- The total premium rate will decrease to 0.74%.
- Employers will pay 28.57% of the total premium and employees will pay 71.43%.
- Businesses classified by the Employment Security Department as having fewer than 50 employees for the 2024 calendar year are not required to pay the employer portion of the premium. However, you must still collect the employee premium or pay employees’ premiums on their behalf.
Next steps for employers:
- Notify your employees that you will begin collecting the new rate on Jan. 1, 2024. An updated employer toolkit, mandatory poster and paycheck insert are available in the Paid Leave Help Center.
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On Jan. 1, 2024, start collecting the new premium rate each pay period from your employees’ total gross wages, not including tips. 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.
- First quarter premiums using the new rate are due by the end of April 2024. Remember: You cannot retroactively withhold premiums from employees.
Paid Leave Calculates Business Size Annually on Sept. 30
For the calendar year 2024, business size is determined by averaging the number of employees on your reports for quarters three and four of 2022 and quarters one and two of 2023. If your business size changed, a letter was mailed in early October to let you know.
If they calculated that you have 50 or more employees:
- You will be responsible for paying the full premium rate, including the employer share of premiums, on wages paid Jan. 1 to Dec. 31, 2024.
If they calculated that you have fewer than 50 employees:
- Beginning Jan. 1, 2024, you will not be responsible for paying the employer share of premiums. You may still choose to contribute the full premium rate to the program by opting in on an annual basis.
- The enrollment period for calendar year 2024 is open until March 1.
- For more information about opting in, please visit Paid Leave for Small Businesses.
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Workers’ Compensation Rate Increase an Average of 4.9% in 2024
The increase, which takes effect Jan. 1, 2024, means employers and workers will jointly pay, on average, an additional $65 a year in workers' compensation insurance premiums for each full-time employee.
Minimum Wage will hit $16.28 per hour beginning Jan. 1, 2024
Washington’s minimum wage is going up to $16.28 an hour next year, a 3.4 percent increase over 2023. Workers who are 14 or 15 years old may be paid 85% of the adult minimum wage, or $13.84 per hour.
Cities can set minimum wages higher than the state:
More information is available on their website, along with details about overtime, rest breaks, meal periods, and how to file a wage complaint. The 2024 minimum wage poster is also available in 15 different languages.
2024 Workplace Safety and Health Calendar
The Workplace Safety and Health calendar focuses on eight yearly campaigns to help you engage your workforce in hazard recognition and injury/illness prevention. There will be new ideas each month, ensuring there’s plenty of options for everyone all year long.
The calendars are free to Washington state businesses while supplies last.
Construction Sick Leave Law Takes Effect Jan. 1st
Earlier this year the legislature passed a bill requiring employers with certain construction workers who have not met the 90-day sick-leave eligibility threshold at the time of separation be paid the balance of their sick leave upon separation.
Attend a webinar to learn more about the new requirements established in ESSB 5111.
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New Year, New Business
Are you considering starting or registering a new business this new year?
Like thousands of others across the state, given New Year's resolutions and the convenience of bookkeeping, the Corporations & Charities Division receives a significant workload of entity formation and incorporation documents in the last two weeks of December and the first few weeks of the new year. Please be prepared for some delays during this popular time to start a business. As a reminder, online orders are instantly placed in the ready-for-review queue and all filings are processed in the order received.
Here are a few helpful links to help you navigate during this busy time:
If needing a specific effective date take advantage of filing early and utilize the future effective date feature. You may select a date up to 90 days in the future from the submission date! This can be done both by using paper forms or the online filing system.
Corporate Transparency Act “CTA”
Effective January 1, 2024, all businesses will be required to submit a Beneficial Ownership Information “BOI” report to the U.S. Treasury Department's Financial Crimes Enforcement Network “FinCen”.
- ALL new businesses will have 30 days to submit the BOI report.
- ALL currently registered businesses are required to submit the report by January 1, 2025.
The Office of the Secretary of State does not file the BOI report; however, visit their website (under the Business Entities tab) for helpful information about the reporting requirements.
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Learn about Tax Incentives, Deductions, Credits, and Programs
Understanding tax obligations can be challenging for a small business or a new business owner. DOR has several educational resources aimed at assisting businesses with tax reporting responsibilities and questions.
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Start 2024 with a Growth Mindset!
This online program which normally costs $1,599 will be provided at no cost to Washington State businesses through June 30, 2025 through funding from the Washington State Department of Commerce.
ScaleUp is an online training program that empowers established businesses to take growth into their own hands. The nine-week program consists of instructor lead virtual training sessions, online learning modules, and access to a social media networking platform that facilitates interactions between business owners and business experts.
The program is most beneficial for established business owners, with two or more years’ experience owning and operating a small business who are currently based in Washington state.
97% of small businesses that have attended ScaleUp would recommend the training for other businesses!
Upcoming Classes:
La formación está disponible en español. Este entrenamiento empresarial avanzada para empresas que han ido más allá del inicio y el lanzamiento. Scale Up se trata de desarrollar capacidades, aumentar la rentabilidad y automatizar los sistemas empresariales. Este programa le mostrará cómo posicionar su negocio para la inversión y lo preparará para ese momento.
Este programa se proporciona actualmente sin costo gracias al apoyo del Departamento de Comercio de Washington.
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Get the health insurance you need for 2024!
Washington residents have until Jan. 15 to sign up for a health and dental plan on Washington Healthplanfinder for the 2024 plan year.
Federal and state subsidies are available for to lower an eligible customer’s monthly cost of insurance. Visit wahealthplanfinder.org to learn more about available savings and find the right plan!
New! This open enrollment, everyone who lives in Washington state can buy health and dental insurance through Washington Healthplanfinder, regardless of immigration status.
Need help? Free assistance is available to answer questions, understand tax credits, and sign up for coverage. Find an assister near you.
Questions on how you can support your employees sign up for health coverage? Contact smallbusiness@wahbexchange.org.
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Small Business Requirements & Resources (SBRR)
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The Small Business Requirements & Resources (SBRR) are free workshops providing you with essential information and resources to help start and grow your business.
Outreach events are sponsored by the Small Business Liaison Team and hosted by local partners.
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Next workshop:
- Starting a Business in WA - Thursday, December 14, 2023 2:00 PM • Register Here
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Small Business Guide
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The Small Business Guide is broken into six sections, based on your stage of business. Whether you are starting your business, managing a new business, or expanding your business, you will find valuable information and resources.
The business guide is readily accessible online, but it is also available in PDF, so you can have it as a printed reference manual. The PDF is available English, Spanish, Russian, Korean, Vietnamese, Chinese, Japanese, Samoan, Somali, Tagalog and two volumes in Braille Ready Format.
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