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City of chicago wage increase

5/31/2016

The City will phase in the minimum wage increase on an annual basis, every July 1st from 2015 through 2019, according to the schedule below.

Beginning in 2020 and every year after, the minimum wage increase will be tied to the rate of inflation. The increase will not exceed 2.5 percent, and there will be no increase if the unemployment rate in Chicago in the previous year was equal to or greater than 8.5 percent.

July 1, 2016 $10.50 $5.95
(under current state law)

July 1, 2017 $11.00 Amount to be determined and
announced each year on or before June 1st. July 1, 2018 $12.00

July 1, 2019 $13.00

* Under both state law and the ordinance, if an employee’s wages plus tips do not equal at least the number of hours worked times the applicable minimum wage, his or her employer must make up the difference.

Make sure to update your payroll system to increase your City of Chicago wages by July 1, 2016. If you are a current payroll client of Micro Tax & Accounting LLC and/or our sister company, Millennium Concepts, we will make payroll adjustments in your behalf. If you currently have ADP or any other payroll service, chances are we can save you money by doing your payroll. Contact us for a free estimate!

Request a FREE payroll service estimate

Lorenzo Fiol, Your Amigo and Retirement Specialist
[email protected]
WWW.CHITOWNTAX.COM
773.663.2310
2911 N CICERO AVE, CHICAGO IL 60641

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retirement specialist

3/8/2016

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We understand the rules about how rollovers work and can help you develop a strategy to make the process as smooth as possible for your family and you. We are always keeping up to date on recent Annuities, IRA and Life Insurance licensing regulations by attending continuing education seminars, reading specialized news articles and professional publications to challenge us to be better educated on the topic.
We will explain the rollover process, point out potential pitfalls and tax complications, and as your Retirement Specialist, we will help you simplify the process of estate planning, IRS rollovers and Life Insurance. Avoid common estate gifts and IRA Rollover mistakes

Same-Property - when a financial asset is withdrawn from a retirement account or IRA for the purpose of funding a new IRA, it must be rolled over into the same property (or format) of an IRA.
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Sixty-Day Deadline - if a distribution from an IRA or a retirement plan is paid directly to you, you may deposit all or a portion of it in another IRA or a retirement plan within 60 days.

Whether you are beginning your journey or close to your estate or retirement planning, we can help you from start to finish! If you changed jobs recently, if you are within ten years from retirement, or if you just about retired, it is time to review your life insurance policies, current IRA, consolidate old IRA’s, 401K’s, annuities. Let’s focus on generating cash flow, managing the risks of retirement, including longevity, spending, inflation and market volatility. We will present you with a solid plan for retirement income and look for ways to reduce taxable income. Call me today at 773.663.2310 to schedule a private professional consultation or email me now!

Lorenzo Fiol, Your Amigo and Retirement Specialist
[email protected]
WWW.CHITOWNTAX.COM
773.663.2310
2911 N CICERO AVE, CHICAGO IL 60641

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City of chicago wage increase

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City of chicago wage increase