With July quickly upon us, it is time to see what changes Quarter 3 has in store for payroll. In addition to the changes to the Fair Labor Standards Act which we shared about in our last blog post, Q3 2024 includes some state specific changes. Churches in Nevada, Oregon & Vermont should keep reading to see the changes affecting you!
Two States have Minimum Wages Increases:
- Nevada minimum wage is increasing to $12.00 per hour
- Oregon minimum wages is increasing:
o Portland metro – to $15.95 per hour
o Urban Counties – to $14.70 per hour
o Rural Counties – to $13.70 per hour
Vermont: Childcare Contribution Tax
Act 76 of 2023 is an act for the state of Vermont related to childcare and early childhood education. The act implements a new contribution tax of 0.44% on all covered wages. The specifics are as follows:
Covered Wages are all wages subject to Vermont Income Tax Withholding.
Includes all wages paid on or after July 1, 2024
Employer Payroll Tax of 0.44% but employer can decide to deduct up to one quarter of the contribution from employees (0.11%).
Employers can decide to withhold different contributions from different employees, no more than 0.11% for all employees.
More information can be found from The Vermont Child Care Contribution Guide.
Have additional questions about something payroll related? Let us know by filling out our contact form found here. We would love to talk with you and see how Wisdom Over Wealth can partner with you!