While the Federal minimum wage remains at $7.25 per hour for the past 15 years, 28 states and many cities, counties and locals have set increases effective January 1st, 2024 with a few announcing a change during 2024. Many states continue their path to $15.00 per hour with a number of states exceeding that rate and places in Washington state that have a minimum wage approaching $20 per hour. A list of each state/local, along with the new hourly rate is listed below. Any state that does not have a minimum wage change scheduled is not listed. All rates are…
Posts published in “Tipped Employees”
There are two questions that are brought up when talking about the topic of whether to deduct credit card processing fees before paying out charge tips to your employees. Can you do it, and should you do it? Credit card processing fees can be a significant expense to any business. In 2022, the average credit card processing fee ranged between 1.5% and 3.5% of the sale. There are a number of businesses that charge the consumer a convenience fee when paying by card over cash to cover this added expense, but that practice has not caught on for restaurants. At…