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2024 Updates for IRS Mileage and More

The IRS has announced the standard mileage rate for 2024: 67 cents per mile, up 1.5 cents from 65.5 cents in 2023.

The Social Security Administration recently released next year’s Employment Coverage Threshold for household employees. The 2024 nanny tax threshold increases by $100 to $2,700.

Tax Responsibilities for Texas Household Employers

Taxes required to withhold, file, and pay:
• Social Security
• Medicare

Other taxes GTM Payroll Services strongly recommends withholding (but are not
required):

• Federal Income Tax
• State Income Tax
• Local Taxes, if applicable

In Texas, household employers are responsible for the following four taxes, to be
added on top of the employee’s gross wage:

• Social Security Tax Rate of 6.2%
• Medicare Tax Rate of 1.45%
• Federal Unemployment Tax Rate of 0.6%
• State Unemployment Tax Rate of 2.7%

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