Minimum Wage and Tax Update

Florida Minimum Wage

The current federal minimum wage is $5.85, increasing to $6.55 on July 24, 2008. However, effective January 1, 2008, the minimum wage in Florida is $6.79 per hour.

Social Security and Medicare Taxes

The FICA Social Security tax rate for 2008 is 6.2% for all wages paid up to a maximum of $102,000 for OASDI. The Medicare tax rate is 1.45% for all wages paid, with no maximum limitation. The self-employment tax rate is 12.4% for OASDI and 2.9% for Medicare.