Exempt Employees: Starting January 1, 2020, most employees who are classified as exempt under the executive, administrative, professional, and computer employee exemptions will need to be paid at least $684 per week or $35,568 per year.
Minimum Wage’s for Federal Contractors: January 1, 2020, the minimum wage for employees doing work on or in connection with federal contracts will increase to $10.80 per hour. The minimum wage for covered tipped employees will increase to $7.55 per hour.
New W4: The IRS has rolled out this year, an updated W4. All new employers will need to provide the redesigned Form W-4 as well as current employees who want to change their withholding’s. Employees who have submitted Form W-4 in any year before 2020 are not required to submit a new form merely because of the redesign. Employers should continue to compute withholding based on the information from the employee’s most recently submitted Form W-4. For ease of reference, click here for your copy.