With the end of holidays and beginning of the New Year, we need to keep various tax updates in mind.
Following is the information that you need to know regarding minimum wage updates:
Currently the federal minimum wage is $7.25/hour. This rate is consistent since July 2009 and is expected to remain same in near future.
Number of states has altered their minimum wage for year 2018. Some will be in action with the beginning of January while others will come into action from middle of the year.
Below is the list of minimum wage update for each state which will come into effect from January 1, 2018
- Alaska: $9.84.
- Arizona: $10.50.
- California: $11.00 for employers with 26 or more employees; $10.50 for employers with 25 or fewer employees.
- Colorado: $10.20.
- District of Columbia: $13.25, effective 7/1/18.
- Florida: $8.25.
- Hawaii: $10.10.
- Maine: $10.00.
- Maryland: $10.10, effective 7/1/18.
- Michigan: $9.25.
- Minnesota: $9.65 if employer’s annual gross volume of sales is $500,000 or more. $7.87 if employer’s annual gross volume of sales is less than $500,000.
- Missouri: $7.85.
- Montana: $8.30 if employer’s annual sales exceed $110,000. $4.00 if annual sales are $110,000 or less.
- New Jersey: $8.60.
- New York: $10.40 base rate (outside of Nassau, Suffolk and Westchester counties or NYC).
- Ohio: $8.30 if employer’s annual sales exceed $305,000. $7.25 if employer’s annual sales are $305,000 or less.
- Oregon: $10.75, effective 7/1/18.
- Rhode Island: $10.10.
- South Dakota: $8.85.
- Vermont: $10.50.
- Virgin Islands: $10.50, effective 6/1/18.
- Washington: $11.50.