For companies with gross receipts over $297,000.00, the new hourly minimum wage will be $8.10 for non-tipped employees and $4.05 for tipped employees.
For companies with gross receipts under $297,000.00 the minimum wage remains at $7.25 for non-tipped employees and $3.63 for tipped employees.
If you have any questions related to these increases, please feel free to contact us! We are always available to answer any of your tax and accounting questions.
Treasury Circular 230 Disclosure
Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.