Category: Tips for Small Business (page 1 of 4)
The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans has increased to $23,000 for the tax year 2024 (up from $22,500 for 2023).
The catch-up contribution limit for employees aged 50 and over who participate in these plans will remain at $7,500 for 2024.
As of 1/1/2024, minimum wage in New York State is as follows:
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $16.00
Long Island & Westchester $16.00
Remainder of New York State $15.00
The minimum wage rate differs based on industry and region.
Click here for additional information for:
- tipped, fast food, and other workers
- free posters on the increased minimum wage specific to your industry
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.
As of 12/31/2021, the basic minimum wage will change for many areas of New York State.
The minimum wage rate differs based on industry and region.
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $15.00
Remainder of New York State $13.20
Click here for additional information for:
• tipped, fast food, and other workers
• free posters on the increased minimum wage specific to your industry
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).
The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.
Check out 914Inc.’s February/March 2021 publication featuring BYB’s Wiley Harrison; an article titled “Virtual Roundtable: Business Success During Covid”.
As of 12/31/2020, the basic minimum wage will be $12.50 per hour in most of New York State.
The minimum wage rate differs based on: the fast food industry, tipped workers, Long Island, Westchester County, large and small employers in New York City.
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $14.00
Remainder of New York State $12.50
For more information on the increased minimum wage specific to your industry, please click here.
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
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