Traverse City Payroll Service is proud to provide the latest IRA contribution limits for 2021. For a complete list check out this link to the IRS website.
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
| Minimum Hourly Wage Rate | ||||
| Employees must be paid at least: | ||||
| Effective Date | Minimum Hourly Wage Rate | Tipped Employee | 85%
Hourly Rate |
|
| Minimum Hourly Rate | Reported Average Hourly Tips | |||
| January 1, 2018 | $9.25 | $3.52 | $5.73 | $7.86 |
| March 29, 2019 | $9.45 | $3.59 | $5.86 | $8.03 |
| January 1, 2020* | $9.65 | $3.67 | $5.98 | $8.20 |
| January 1, 2021* | $9.87 | $3.75 | $6.12 | $8.39 |
For questions or additional information, call the Wage and Hour Division at 855-464-9243 or visit the agency’s website.
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