Memo – NY and NJ Minimum Wage Changes for 2018

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New Jersey: $8.60 an hour

New York State:

New York’s minimum wage rate depends on the geographic location of the workplace, the size of the employer’s workforce, and the calendar.

New York City 10 or fewer employees 11 or more employees
December 31, 2017 $12.00 $13.00
December 31, 2018 $13.50 $15.00
December 31, 2019 $15.00  
Nassau, Suffolk and Westchester Counties All workforce sizes
December 31, 2017 $11.00
December 31, 2018 $12.00
December 31, 2019 $13.00
December 31, 2020 $14.00
December 31, 2021 $15.00
Rest of State All workforce sizes
December 31, 2017 $10.40
December 31, 2018 $11.10
December 31, 2019 $11.80
December 31, 2020 $12.50
TBD* $15.00*

Adding another wrinkle to this story is the separate fast food worker minimum wage schedule that leads New York City fast food workers to the $15.00 per hour minimum wage by December 31, 2018 and for the rest of the state by July 1, 2021.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
79 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

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#TaxReform #payroll #minimumwage #cpa #irs

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2018-01-03T09:54:38+00:00

About the Author:

I’m Chris Whalen, CPA. For over twenty-five years I have been the owner and Managing Member of a Certified Public Accounting and Business Advisory firm providing a full range of income tax, accounting and advisory services for individuals and businesses. I am licensed in all states and serve clients throughout the country but extensively in Red Bank, Middletown, Rumson, Colts Neck, Holmdel, Monmouth County and Ocean County.