January 2, 2020
Effective January 1, 2020, the minimum wage rate for Florida increases to $8.56, up from $8.46. If a pay period spans the two years, the wages paid for the days in 2020 must be at the higher rate. The 24 other states increasing minimum wage on 01/01/2020 are:
Federal minimum wage remains at $7.25 per hour and states without a separate, set minimum are subject to the U.S. Standard. There are four other states that have minimum wage rates higher than the U.S. requirement, but their rates remain unchanged for 2020 (Hawaii, Nebraska, Rhode Island and West Virginia). Please also note that dozens of cities and counties have also raised their minimum wages beyond the state and federal levels, so employers must check local requirements as well.
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.
It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year:
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