2020 Changes

Minimum Wage increase for New York State

On 12/31/2019, the minimum wage for workers in New York State increases to $ 11.80 per hour

Fast food workers will increase to $ 12.75 per hour (outside of NYC)

Tipped employees remain at $ 7.50 per hour

New York Paid Family Leave

In 2020, the contribution amount will increase to 0.270% of an employee’s gross wages each period with the maximum annual contribution of $ 196.72

Benefit amount will increase to 60% of the employee’s average weekly wage with a maximum weekly benefit of $ 840.70

401K

401K limit for 2020 increases to $ 19,500.00

401k catch-up contribution (employees aged 50 and over) increases to $ 6,500.00

SIMPLE IRA

Simple IRA limit for 2020 increases to $ 13,500.00

Simple IRA catch-up contribution (employees aged 50 and over) increases to $ 6,500.00

W-4 Reporting

Form W-4 Employee’s Withholding Certificate has been updated for 2020.  It is advised that all employers have employees will out the new form for the 2020 year.

Krista Loveless 18 December, 2019
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