Zulch Tax Consultants
A trusted member of your team since 1983
5dd6bb570d753.image.jpg

ZULCHAT

Zulch Tax News & Updates

Minimum Wage Rates Effective 12/31/2021

Minimum Wage Increase

Effective December 31, 2021, the following minimum wage will be in effect in New York State:

  • Workers in NYC employed by large business (11+ employees) -$15.00

  • Workers in NYC employed by small business (<10 employees) - $15.00

  • Workers in Long Island and Westchester Counties - $15.00

  • Workers in all other areas of the state - $13.20

Department of Labor's Final Rule on Fluctuation Workweek Method of Computing Overtime

Per the US Department of Labor's May 20, 2020 ruling, employers can pay bonuses, premium payments, or other additional pay to salaried, nonexempt employees whose hours and compensation vary from week to week. Additional information regarding the Fluctuating Workweek Method of Computing Overtime can be found on the DOL's website:

https://www.dol.gov/agencies/whd/overtime/fww

For more information on these minimum wage changes go to: https://dol.ny.gov/minimum-wage-0

https://dol.ny.gov/system/files/documents/2021/12/p700_12-21.pdf

For tipped workers, please go to:

https://dol.ny.gov/minimum-wage-tipped-workers

https://dol.ny.gov/system/files/documents/2021/12/p717_12-21.pdf

For fast food workers, please go to:

https://dol.ny.gov/system/files/documents/2021/07/p716.pdf

For farm workers, please go to:

https://dol.ny.gov/farm-laborers-fair-labor-practices-act

https://dol.ny.gov/system/files/documents/2021/02/part190.pdf

For independent contractors in the construction industry, please go to:

https://dol.ny.gov/system/files/documents/2021/02/ia318.29.pdf

https://dol.ny.gov/system/files/documents/2021/02/p738.pdf

Department of Labor Wage and Hour Division Update

Per the US Department of Labor's published final ruling, effective January 1, 2020, the minimum salary required to be exempt from overtime increases from $455 to $684 per week ($35,568 per year) for the administrative, professional and executive exemptions. The ruling also permits employers to use nondiscretionary bonuses, incentive payments and commissions that are paid at least annually, to satisfy up to 10% of the minimum salary requirement. The total annual compensation requirement for the "highly compensated employee" exemption increases from $100,000 to $107,432 per year.

For more information about the DOL's 2019 & 2020 rulings, please visit their website:

https://www.dol.gov/agencies/whd/overtime

The minimum salary required in New York State for the executive and administrative exemptions will increase as follows:

  • Nassau, Suffolk, and Westchester Counties: $1,125 per week

  • Remainder of NYS (except NYC): $990 per week


Kevin Zulch