TOP DRAWER ARTICLE
An Increase in Florida's Minimum Wage
by
HL Carpenter
Ho! Ho! Ho! Santa Claus is coming to town. Though he'll be in the Sunshine State only one day, if you're a Florida employer you can extend the glad tidings into the New Year.
Why? Because on January 1, 2008, Florida's minimum wage increases from $6.67 to $6.79.
That's more than the Federal minimum wage, which went up to $5.85 last July. But under federal statute, Florida employers are required to pay workers who are covered by Federal minimum wage laws the higher amount mandated by the state.
Some employees are subject to special rules. For instance, if your employees receive tips as part of their pay, you can count the tips as wages. As of January 1, 2008, you'll need to pay your tipped employees a direct wage of $6.79 minus the $3.02 tip credit, which equates to $3.77 per hour.
Florida's minimum wage law was created in 2004, when voters approved it as a constitutional amendment. Because the Florida minimum wage rate is tied to inflation, a new minimum is calculated each year on September 30th.
Originally published December 2007.
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HL Carpenter, an experienced investor and a CPA, specializes in reader friendly financial and tax topics for individuals and small businesses, and publishes Top Drawer Ink, a newsletter that's chock full of humor and common sense information.
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This information should not be considered legal, investment or tax advice. Top Drawer
Ink Corp. does not provide legal, investment or tax advice. Always
consult your legal, investment and/or tax advisor regarding your
personal situation. |
Last update: January 8, 2011
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