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<p class="MsoNormal">Sharing on behalf of OSPS <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b><span style="color:#1F4E79;letter-spacing:2.0pt">Shauna Tobiasson</span></b><b><span style="color:#4F6228">
<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">Senior CPERS Analyst<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">DAS Centralized PERS Services Team
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">Cell: 971-719-3173,
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri",sans-serif">Connect with me on
<a href="https://teams.microsoft.com/l/chat/0/0?users=shauna.m.tobiasson@das.oregon.gov">
<span style="color:#0563C1">Teams</span></a> <o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:12.0pt">Website: <span style="color:#993366">
<a href="https://www.oregon.gov/das/Financial/Payroll/Pages/cpers.aspx"><span style="color:#0563C1">https://www.oregon.gov/das/Financial/Payroll/Pages/cpers.aspx</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Calibri",sans-serif">Pronouns: she, her, hers<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ligatures:none"> OSPS-News <osps-news-bounces@omls.oregon.gov>
<b>On Behalf Of </b>FLORES Fabiola * DAS via OSPS-News<br>
<b>Sent:</b> Tuesday, November 19, 2024 5:13 PM<br>
<b>To:</b> Announcements from OSPS to the users of the Oregon State Payroll Application via OSPS-News <osps-news@omls.oregon.gov><br>
<b>Subject:</b> OSPS E-News ~ Maximum amounts at year end<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Payroll Professionals,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">As we anticipate the arrival of the new year, the following are the maximum amounts that impact taxes for tax year
<b>2025</b>.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>Oregon Savings Growth Plan</b>: The new limit for 2025 is $23,500, with an additional catch up for age 50+ for a total of $31,000, and a 3 year catch up totaling $47,000.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>PEBB Flexible Spending Accounts</b>: The maximum annual contribution amount for the Health Care FSA $3,300 or Dependent Care FSA $5,000 per household or $2,500 if you are married and file taxes separately.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>Social Security Taxes</b>: For 2025, $176,100 is the maximum wage that is subject to social security.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>PERS:</b> PERS has not updated their max subject wages for 2025. Will send out communication at later date with any updates.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">As a refresher, here are the <b>2024 </b>maximum amounts that impact taxes for tax year 2025.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>Oregon Savings Growth Plan:</b> The limit for 2024 is $23,000, with an additional catch up for age 50+ for a total of $30,500, and a 3 year catch up totaling $46,000<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>PEBB Flexible Spending Accounts:</b> For 2024, the maximum annual contribution amount for the Health Care FSA $3,200 or Dependent Care FSA $5,000 per household or $2,500 if you are married and file taxes separately.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>Social Security Taxes:</b> For 2024, $168,600 is the maximum wage that is subject to social security.<o:p></o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-left:.5in"><b>PERS:</b> For 2024, the maximum subject wage is $232,976<o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:Roboto"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto">Please let me know if you have any questions.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto">Tim Lowry<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:Roboto"><o:p> </o:p></span></p>
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Description automatically generated" v:shapes="Picture_x0020_1882804595"><![endif]><b><span style="font-family:Roboto;mso-ligatures:none">Timothy
M. Lowry<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:Roboto;color:#353535;mso-ligatures:none">Oregon Statewide Payroll Services Manager</span><span style="font-size:16.0pt;font-family:Roboto;color:#353535;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:Roboto;mso-ligatures:none">Chief Financial Office | Office of the State Controller</span><span style="font-size:16.0pt;font-family:Roboto;mso-ligatures:none"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:Roboto;mso-ligatures:none">971-718-4230<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-left:13.5pt;text-indent:-13.5pt"><span style="font-size:10.0pt;font-family:Roboto;mso-ligatures:none"><a href="http://www.oregon.gov/DAS/Financial/Payroll%0d"><span style="color:blue">http://www.oregon.gov/DAS/Financial/Payroll</span></a></span><u><span style="font-size:10.0pt;color:blue"><o:p></o:p></span></u></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;font-family:Roboto;mso-ligatures:none">Pronouns: he, him, his</span><o:p></o:p></i></p>
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