Over the next few weeks, as your employees start to receive their 2019 W-2 form, they will most likely have many questions as to what all those numbers mean. For example, it is not uncommon for a salaried employee who earns $50,000 per year question why their Box 1 Wages only reflects $45,000. The response may be, ‘do you contribute to a pension plan or have pre-tax insurance, then if so those amounts reduce your “taxable” wage, which is what appears in Box 1’. To assist you with questions like that, here is a handy guide. Download the 2019 W-2…
Posts published in December 2019
While the Federal minimum wage remains at $7.25 per hour,many states and cities/locals have set increases effective January 1st, 2020 with a few announcing a change during 2020, and New York with a December 31st, 2019 increase. A list of each state/local, along with the new hourly rate is listed below; All rates are effective January 1st, 2020 unless otherwise noted. Alaska: $10.19 Arizona: $12.00 ($9.00 for tipped employees) Arkansas: $10.00 (tipped minimum wage will remain at $2.63) California: $13.00 for businesses with 26 or more employees, and $12.00 for 25 or less; Cities marked with an * below will…