Affective December 31, 2019, the New York State minimum wage has increased .
In New York City, it is now $15.00 per hour for all size businesses.
In Nassau, Suffolk and Westchester counties, it is $13.00 per hour.
In the remainder of the state, it is $11.80 per hour.
There are different hourly rates for workers in the fast food industry and those who receive tips. These rates remain in effect until December 30, 2020.
Additional information regarding the change in New Yorks’s minimum wage law can be found here:
New Jersey’s minimum wage law already took effect on July 1, 2019, lifting the earnings of more than one million workers. The goal of the law is to achieve a $15 hourly minimum wage without adversely affecting small and seasonal businesses, so incremental rates were set to give certain employers additional time to comply. The chart below details the adjustments to New Jersey’s minimum wage:
If you have any questions on how the new minimum wage laws may affect your business, contact a tax professional at Potter & LaMarca by clicking here.