January 04, 2017 | BY Yosef Z. Klein, CPA
• The minimum wage has been raised in New York and New Jersey as of beginning of this year.
• Review and update your wage schedules as soon as possible.
• Employees subject to minimum wage laws need to be paid the higher of the federal and applicable state minimum wage.
The federal minimum wage for covered nonexempt employees is $7.25.
Many states also have minimum wage laws. In cases where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher of the two minimum wages.
The 2017 minimum wage in New York State can be from $9.70 to $11.00 and in some cases $12.00. This depends on your location, industry and size.
• A large (11 or more employees) employer in New York City must pay $11.00/hour.
• Fast food employers in New York City must pay $12.00/hour.
The 2017 minimum wage in New Jersey is $8.44 (up from $8.38 in 2016).
If you have any questions about whether and how this will impact you, please speak with a Roth & Co professional, who will be able to guide you with any changes that may be necessary.
Federal Minimum Wage: http://bit.ly/2iACTgg
New York Minimum Wage: http://on.ny.gov/2j4QoBU
New Jersey Minimum: Wage: http://bit.ly/2iIw4dh
Other states: http://bit.ly/1T5AzJV
small business - Minimum wage