Wage Updates for 2018

With the end of the holidays and the 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 the same in near future.

A number of states have altered their minimum wage for the year 2018. Some will be in action at the beginning of January while others will come into action from the middle of the year.

Below is the list of minimum wage updates 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 the employer’s annual gross volume of sales is $500,000 or more. $7.87 if the employer’s annual gross volume of sales is less than $500,000.
• Missouri: $7.85.
• Montana: $8.30 if the 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 the employer’s annual sales exceed $305,000. $7.25 if the 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.

So before proceeding further, be aware of the minimum wages in your location. Use StubCreator for generating paystubs online.

Related Article: Filling out a 1099 Form

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