With the holidays (almost) behind us and a brand new year awaiting, there are some important wage and tax considerations to keep on your radar.

Here’s what you need to know regarding minimum wage updates:

The current federal minimum wage is $7.25 per hour. This hasn’t changed since July of 2009.

Twenty-two states and territories have an updated minimum wage for 2018 (this includes Washington DC and the U.S. Virgin Islands). Some take effect on Jan. 1, 2018, while others don’t take effect until the middle of the year. For the list below, each minimum wage update takes effect on Jan. 1 unless otherwise specified.

Alaska: $9.84.

Arizona: $10.50.

California: $11.00 for employers with 26 or more employees; $10.50 for employers with 25 or fewer employees.

Colorado: $10.20.

District of Columbia: $13.25, effective 7/1/18.

Florida: $8.25.

Hawaii: $10.10.

Maine: $10.00.

Maryland: $10.10, effective 7/1/18.

Michigan: $9.25.

Minnesota: $9.65 if employer’s annual gross volume of sales are $500,000 or more. $7.87 if employer’s annual gross volume of sales are less than $500,000.

Missouri: $7.85.

Montana: $8.30 if employer’s annual sales exceed $110,000. $4.00 if annual sales are $110,000 or less.

New Jersey: $8.60.

New York: $10.40 base rate (outside of Nassau, Suffolk and Westchester counties or NYC).

Ohio: $8.30 if employer’s annual sales exceed $305,000. $7.25 if employer’s annual sales are $305,000 or less.

Oregon: $10.75, effective 7/1/18.

Rhode Island: $10.10.

South Dakota: $8.85.

Vermont: $10.50.

Virgin Islands: $10.50, effective 6/1/18.

Washington: $11.50.

Keep in mind that some other cities and counties have their own minimum wage. Check your state’s department of labor for rates specific to your location.  

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Stay tuned for our updated Quick Wage and Tax guide!

This includes all of the minimum wage information as well as other important tax rates to know for the coming year. Want to get this free guide as soon as it’s published? PrimePay clients: We’ll send to you. Not a client or subscriber? Click here to sign up and we’ll send you a copy when it is ready.