Difference between revisions of "Businesses & Money"
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*Effective since July 24, 2009. | *Effective since July 24, 2009. | ||
*Some states have minimum wage criteria that diverges from the federal government. Where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage rate. | *Some states have minimum wage criteria that diverges from the federal government. Where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage rate. | ||
| − | *Enforced by the Wage and Hour Division of the U.S. Department of Labor | + | *Enforced by the Wage and Hour Division of the U.S. Department of Labor. |
==Exceptions== | ==Exceptions== | ||
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*Various minimum wage exceptions apply under specific circumstances to workers with disabilities, full-time students, youth under age 20 in their first 90 consecutive calendar days of employment, tipped employees, and student-learners. | *Various minimum wage exceptions apply under specific circumstances to workers with disabilities, full-time students, youth under age 20 in their first 90 consecutive calendar days of employment, tipped employees, and student-learners. | ||
| − | *Minimum wage for tipped employees is $2.13 an hour in direct wages, if that amount plus the tips received equal at least the federal minimum wage. | + | *'''Tipped Workers''': Minimum wage for tipped employees is $2.13 an hour in direct wages, if that amount plus the tips received equal at least the federal minimum wage. If an employee's tips combined with the employer's direct wages of at least $2.13 an hour do not equal the federal minimum hourly wage, the employer must make up the difference. |
| − | + | *'''Disabled workers''': Employers can apply for a certificate to pay less than the minimum wage to anyone "whose earning or productive capacity is impaired by a physical or mental disability, including those relating to age or injury." Hourly pay is based on the employer's assessment of their productivity relative to the productivity of non-disabled workers. | |
| − | *Only applies to employees of enterprises that have annual gross volume of sales or business done of at least $500,000. | + | *'''Very small businesses''': Only applies to employees of enterprises that have annual gross volume of sales or business done of at least $500,000 and haven't done business across state lines. |
#access to capital for small businesses | #access to capital for small businesses | ||
Revision as of 14:46, 5 February 2016
Info dump
Minimum wage criteria
General
The following information taken from (USDL)
- Under the Fair Labor Standards Act (FLSA), the federal minimum wage for covered nonexempt employees is $7.25 per hour.
- Effective since July 24, 2009.
- Some states have minimum wage criteria that diverges from the federal government. Where an employee is subject to both the state and federal minimum wage laws, the employee is entitled to the higher minimum wage rate.
- Enforced by the Wage and Hour Division of the U.S. Department of Labor.
Exceptions
The following information taken from (USDL)
- Various minimum wage exceptions apply under specific circumstances to workers with disabilities, full-time students, youth under age 20 in their first 90 consecutive calendar days of employment, tipped employees, and student-learners.
- Tipped Workers: Minimum wage for tipped employees is $2.13 an hour in direct wages, if that amount plus the tips received equal at least the federal minimum wage. If an employee's tips combined with the employer's direct wages of at least $2.13 an hour do not equal the federal minimum hourly wage, the employer must make up the difference.
- Disabled workers: Employers can apply for a certificate to pay less than the minimum wage to anyone "whose earning or productive capacity is impaired by a physical or mental disability, including those relating to age or injury." Hourly pay is based on the employer's assessment of their productivity relative to the productivity of non-disabled workers.
- Very small businesses: Only applies to employees of enterprises that have annual gross volume of sales or business done of at least $500,000 and haven't done business across state lines.
- access to capital for small businesses
- wages
- costs - healthcare
- If firms have to pay more for inputs, we will have to reduce cost of capital
- Minimum wage exemptions for small businesses?
