Minimum Wage and Social Security Changes: 2012 HR Compliance
Posted by
Jeff Garr on Tue, Dec 13, 2011 @ 06:22 PM
2012 Changes To Social Security Rate:
The Social Security Administration announced the employee Social Security rate for 2012 will increase to 6.2% of taxable earnings.
In addition, the maximum amount of earnings subject to the Social Security tax will increase to $110,100.
Minimum Wage Changes:
The following states have announced hourly minimum wage increases effective January 1, 2012:
- Arizona, to $7.65 per hour for non-tipped employees and $4.65 per hour for tipped employees
- Florida, to $7.67 per hour for non-tipped employees and $4.65 per hour for tipped employees
- Montana, to $7.65 per hour for non-tipped and tipped employees (applies to employers with annual sales exceeding $110,000)
- Ohio, to $7.70 per hour for non-tipped employees and $3.85 for tipped employees (will apply to employers who gross more than $283,000 per year beginning in 2012)
- Oregon, to $8.80 per hour for non-tipped and tipped employees
- Vermont, to $8.46 per hour for non-tipped employees and $4.10 for tipped employees
- State of Washington, to $9.04 per hour for non-tipped and tipped employees.
For more information regarding minimum wages or tip percentages, be sure to visit each state’s website for the most up-to-date information.
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