State Updates
2012 State of Florida Taxable Wage Base Increase
As far as the State Unemployment Tax (SUTA) and Federal Unemployment Tax (FUTA) cutoffs are concerned for 2012, currently the wages subject to these taxes will be the first $8,500 per employee in the State of Florida. Please note the key word being ‘currently’.
In 2011, the State of Florida planned the same increase in taxable wages. However, only a few days into the New Year, the tax increase was repealed. So while TEL is planning ahead for you and ready to deduct what is now the correct SUTA and FUTA cutoff for 2012 ($8,500), we are keeping a close eye on this and will make any and all adjustments to your account if the State changes their mind again in 2012 to ensure that you receive a full credit for the difference.
2012 State of Florida Minimum Wage Increase
Another change that the State of Florida made in 2012 that will more than likely affect your organization is the new Minimum Wage. In 2012 the Minimum Wage in the State of Florida will change from $7.31 per hour (2011 rate) to $7.67 per hour for standard employees (2012 rate); and change from $4.29 per hour (2011 rate) to $4.65 per hour for tipped employees (2012 rate).
