A new year always brings new changes to the workplace. Here’s a reminder about a few that will affect employers in 2015:
- Washington’s minimum wage rises to $9.47 per hour. Don’t forget that your mandatory posting must be updated to show the new minimum wage! You can download a free version of the posting here.
- IRS approved business mileage rate rises to 57.5 cents a mile.
- Employee contribution limits for 401(k) plans rise to $18,000.
- Earnings subject to Social Security tax increases to $118,500.
- Contribution limits for health Flexible Spending Accounts increases to $2,550.