The Florida minimum wage 2024 is set to go up. This change comes from Amendment 2 passed in 2020. It plans to raise the minimum wage to $15 per hour by 2026.

By September 30, 2024, workers will earn $13 per hour. This change will greatly improve the lives of many employees in Florida. It will affect not just regular jobs but also service industries. especially those that rely on tips, which are also getting attention through recent proposals like the no tax on tips policy.

Employers need to get ready for these changes. They must update their payroll to meet the new rules. For those unsure where to start, reviewing your 941 tax form obligations is a smart move. This ensures they can afford the higher labor costs without losing workers.

Overview of Florida Minimum Wage 2024

Florida is getting ready to change its wage policy in 2024. Workers and employers are looking forward to these changes. The increase in the minimum wage will help many residents financially.

It’s important for both employees and business owners to know the current minimum wage rates. This knowledge helps everyone understand the impact on their finances.

Florida Workers: $13 an Hour Is Almost Here

As of September 30, 2023, Florida’s minimum wage is $12 per hour. It will go up to $13 per hour in 2024. These increases aim to support workers financially better. You can check your minimum wage by state to see how Florida compares.

For tipped employees, the wage will go from $9.98 to about $11.98 by 2026. This shows Florida’s effort to improve income for those who rely on tips. Also, with policies like no tax on overtime in discussion, workers may benefit even more from extra hours worked.

Category	Current Rate (2023)	Future Rate (2024)	Projected Rate (2026)
Standard Minimum Wage	$12.00	$13.00	N/A
Tipped Employees	$9.98	$11.98	$11.98

What This Raise Means for You

The changes in Florida’s minimum wage in 2024 aim to improve employees’ lives. They will have more money to spend, leading to better economic stability. This could also mean fewer job changes in different industries.

Workers in the hospitality field, who often rely on tips, need to make sure their employers follow these new rules. This ensures everyone gets paid fairly, thanks to the ongoing wage increases. If you’re unsure about your pay structure, check details like W-2 Box 14 codes, they can sometimes help explain withholdings or reimbursements tied to wages.

Who Qualifies for the Florida Minimum Wage 2024 Increase

In 2024, Florida’s minimum wage will see a big jump. This change will help many types of workers. Knowing who gets this raise is key to understanding its effect on jobs.

Full-Time, Part-Time, Everyone Gets a Boost

All workers, full-time, part-time, and seasonal, will get at least $13 an hour. This is a big step to improve workers’ economic status in the state. It doesn’t matter if you’re new or have lots of experience, you’ll still get this raise.

Tipped Workers: Here’s What You’ll Earn

Jobs that usually get tips, like servers and bartenders, will see a change too. The minimum wage for them in 2024 is $9.98 an hour. Employers must add tips to this to meet the $13 minimum wage. This helps both workers and employers in the service industry.

What About Young or New Workers?

Florida doesn’t have a special training wage for young workers. Those under 20 must earn at least $13 an hour. This shows the state’s commitment to fair pay for everyone, no matter their age or experience.

If you’re behind on payroll compliance or haven’t adjusted wages correctly in the past, this is a good time to speak with a pro. You can also learn more about how an accountant can help with back taxes and staying compliant moving forward.

Conclusion

The minimum wage in Florida is now $13 per hour, marking a big change. This shows Florida’s dedication to bettering its workers’ lives. It’s also a step towards reaching a $15 wage by 2026. This steady increase helps workers earn more and keeps businesses on track for the $15 target in 2026.

Now’s the time for employers to plan ahead and for workers to know their rights. Big changes are coming !

FAQ

What will the minimum wage in Florida be in 2024?

The minimum wage in Florida will go up to $13 per hour starting September 30, 2024.

How does the increase in minimum wage affect tipped employees?

Tipped employees in Florida will see their minimum wage go up to about $11.98 by 2026. This change ensures they can earn the standard minimum wage with tips included.

Are there any exemptions for youth workers regarding the minimum wage?

No, Florida doesn’t have a special wage for young workers under 20. They must earn at least $13 per hour starting in 2024.

How will the minimum wage increase affect businesses in Florida?

Businesses in Florida need to get ready for the wage hike. They must update their payroll and think about how it will affect prices and their business’s success to follow labor laws.

What should employees in the service industry know about the minimum wage changes?

Service industry workers, like servers and bartenders, should check their wages. They need to make sure they’re getting enough pay and understand how tips help meet the minimum wage.

Why is the increase in minimum wage important for Florida workers?

The minimum wage increase aims to improve workers’ lives. It helps them buy more and boosts their economic stability. This can also lead to fewer job changes for workers.