Tax Breaks for Employer-Paid Education Expenses

Are your employees interested in pursuing work-related education or even an advanced degree? Businesses that invest in their employees' education can upskill their current workforce, boost morale and build loyalty among workers. Plus, it can be a tax-smart move. Here's an overview of the two primary options for offering it as a fringe benefit or setting up an educational assistance program.

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Important Tax Figures for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 20242023 Social Security Tax Wage Base $168,600$160,200 Medicare Tax Wage Base No limitNo limit Employee portion of Social Security 6.2%6.2% Employee portion […]

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