Wages. We all know the wages of sin is death*, but are you sure you know other wages that may be important to your company?
You’re probably aware that the federal minimum wage is currently $7.25 per hour and New Mexico minimum wage is currently $7.50 per hour. If your business is in the Albuquerque area though, you need to know that there are two more minimum wage rates that apply.
First, the county has a minimum wage of $8.70 per hour (tipped workers have a rate of $2.13 per hour).
Second, the city of Albuquerque itself has a complex minimum wage that just changed on January 1, 2017. Tipped workers have a minimum wage of $5.30. If you provide benefits (healthcare or childcare) to your workers in excess of $2,500 annually then you can pay a minimum wage of $7.80 per hour, but if you don’t then you must pay $8.80 per hour.
The City of Santa Fe has a higher minimum wage, $10.91 per hour currently, which was featured by the Washington Post in 2014 as the second highest minimum wage in the country after San Francisco, CA.
There were also new overtime regulations that were due to go into effect at the end of 2016 that would have raised annual pay for salaried workers, but those were held up by a federal judge in Texas.
If you have any questions about employee pay, benefits, record retention and a multitude of other things, please contact us and we would be happy to help figure them out with you.
*Bible joke. Seriously. Romans 6:23. That’s right, we’re accountants that are smart enough to make Bible jokes. Booyah.
Tags: one good joke