Changes for Employers in 2014

Changes for Employers in 2014

2014You may not believe in Santa, but nevertheless, goodies are being delivered to your business in time for the new year.

Minimum Wage:

Washington State’s minimum wage rises on 1/1/14 to $9.32 per hour. It’s the highest state minimum wage in the nation.

This chart from L&I’s website shows how Washington’s minimum wage has changed year-to-year since 1961.

Social Security Payroll Taxes:

On 1/1/1/14, the maximum amount of earnings subject to Social Security payroll tax increases from $113,700 to $117,000.  This raises the maximum yearly Social Security tax withheld to $7,254, up from $7,049.

Workers Comp Rates:

Labor & Industries has announced an average across the board rate increase of 2.7% on all industries, after having held rates steady for the past three years.

FSA Carry-Over

Starting in 2014, Employers can now allow employees to carry over $500 of unused amounts left in their health Flexible Spending Accounts for expenses occurred in the next year.